Home affordability improves in 10 of 13 Canadian cities in July

July brought some positive news for homebuyers: affordability improved in 10 out of 13 major Canadian cities as home prices declined. Notably, Vancouver experienced the largest income drop required to purchase. Mortgage rates eased slightly as well, and it's still possible to find discounted fixed-rate mortgages below 4%. In my experience helping clients navigate the Toronto market and beyond, understanding these shifts is key to making informed decisions—especially when timing and tailored strategies can make all the difference.