Mortgage payments take up a smaller percentage of household income than before.
National Bank of Canada Financial Markets released its Housing Affordability Monitor this month, finding the mortgage payment on an average-priced home as a percentage of median income declined in the fourth quarter of 2022 compared with the third quarter.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Affordability improved in eight of 10 Canadian markets in the last three months of 2022 with the largest improvements occurring in Victoria, Hamilton, Toronto and Vancouver.Article contentThe shift toward improved affordability at the end of 2022 put an end to the longest span of declining conditions regarding affordability since 1986 to 1989. Still, National Bank cautioned that home affordability remains challenging.
In part, the continued lack of affordability, despite declining prices, has been driven by higher mortgage rates, which at the end of 2022, reached their highest levels since 2008.
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