Recent reports from both the Parliamentary Budget Officer (PBO) and the Bank of Canada reveal a shifting housing and economic landscape in Canada—one that’s improving on the surface, but uneven beneath.
According to the PBO, home affordability has sharply improved since 2023, thanks to lower borrowing costs, wage growth, and modest price corrections. However, this recovery isn’t consistent across the country. Cities like Toronto and Hamilton have seen the biggest affordability gains, while Halifax still faces one of the widest affordability gaps. Meanwhile, markets such as Calgary and Montreal are showing renewed affordability pressure.
At the same time, the Bank of Canada is reminding Canadians not to focus solely on core inflation metrics. The Bank suggests that while inflation is trending closer to 2.5%, underlying pressures vary by region and sector—meaning interest rate movements will likely remain measured and data-driven.
For borrowers, this uneven recovery means mortgage strategies must be localized and proactive. Some homeowners are benefiting from rate relief, while others continue to face stretched budgets. Understanding where your market stands—and how national trends shape local affordability—can make a major difference at renewal or when planning your next move.
Now’s the time to get clarity. Let’s review your options and create a strategy that fits your financial goals and local market conditions.
