Where homes are becoming more affordable

Lower fixed mortgages are starting to translate into affordability gains in the cities and communities that have seen the steepest home price drops since the pandemic real estate boom.

Methodology: Home prices reflect CREA benchmark, non-seasonally adjusted composite home prices. The Feb. 2022 mortgage payments are based on a 2.94% five-year fixed rate. Current mortgage payments are based on December 2023 prices and a 5.29% five-year fixed rate. All calculations rely on Ratehub.ca's online mortgage calculator using a 20% down payment and 25-year amortization.
THE GLOBE AND MAIL Source: Globe calculations, CREA, MortgageLogic.news, Ratehub.ca