Home affordability in 12 of 13 major Canadian cities improved in September 2026, according to a recent report. The data, released by a Canadian news outlet, indicates that the average income required to purchase a home in these cities decreased compared to the previous month. This trend was observed in cities such as Toronto, Vancouver, and Montreal, where housing market conditions have been closely monitored.
The improvement in affordability is attributed to a combination of factors including lower interest rates and increased housing supply. The report highlights that the average income needed to afford a home in Toronto dropped by 3.2% from the previous month. In Vancouver, the figure fell by 2.8%, while Montreal saw a 2.5% decrease. These changes reflect broader economic trends affecting the housing market.
This development comes amid ongoing discussions about housing policy in Canada. The government has been exploring ways to increase housing supply and support first-time homebuyers. The latest data suggests that these efforts are beginning to show results. However, experts caution that the market remains sensitive to economic fluctuations and policy changes.
The improvement in affordability follows a period of increased housing prices in 2025. With more homes coming onto the market and interest rates remaining stable, buyers have seen more options. The report also notes that the trend may continue as more provinces implement housing affordability initiatives.
