Owning a Home in Canada Rapidly Becoming Out of Reach for Average Earners as Affordability Hits Crisis Levels

Owning a home in Canada has never been less affordable, with Vancouver now in a "full-blown crisis" where only high-income earners can buy
Monthly mortgage costs rose over 3% last quarter due to soaring interest rates, while home prices only dipped 0.5%
Affordability deteriorated in all markets tracked, with Vancouver, Victoria, and Toronto being the worst
High interest rates have shrunk the home-buying budget for median income households by 22% since early 2022
RBC expects some relief by mid-year as the Bank of Canada cuts rates, but meaningful restoration of affordability could take years