Affordability improved across most Canadian markets in July

Advertisement 1 This advertisement has not loaded yet, but your article continues below. Breadcrumb Trail Links HomeLifeHomesCondosNew Homes Affordability improved across most Canadian markets in July Canada's largest cities boost led the way with moderating home prices. Author of the article: By Joel Schlesinger  •  for the Calgary Herald Published Sep 10, 2026 Last updated 4 hours ago 1 minute read Join the conversation Calgary ranked eighth among markets for improving affordability, says a report by Ratehub.ca. PHOTO BY DAN JANISSE /Postmedia Article content Vancouver, Hamilton and Toronto led improvements in affordability in Canada’s resale housing market in July with buyers needing less income to qualify for a mortgage for the average-priced home. A recent report by Ratehub.ca found that Vancouver saw the greatest improvement as the average home price fell more than $10,000 month over month to $1,088,800. Article content Article content The monthly mortgage payment also decreased the most among the 13 markets tracked in the study. The payment was $5,614 in July, which is still almost $1,000 higher than the next most costly market, Toronto. Article content Article content Noon News Roundup Your weekday lunchtime roundup of curated links, news highlights, analysis and features. Sign Up By signing up you consent to receive the above newsletter from Postmedia Network Inc. Interested in more newsletters? Browse here. Article content In turn, the annual household income in Vancouver required to qualify for a five-year, fixed-rate mortgage (based on a 10 per cent down payment and 25-year amortization) at 4.54 per cent was $233,860. Article content That is $2,540 less than the income requirement in June. Article content The calculation is based on the federal stress test rules stipulating borrowers must qualify at 200 basis points (6.54 per cent) above the offered rate. Article content Hamilton saw the next most significant improvement in affordability, driven by a $7,600 decline in the average price of a home, which was $729,800 in July. The monthly mortgage payment fell $51 to $3,763. Buyers required a household income of $154,950, which was $1,850 less than needed in June, the report found. Article content Toronto rounded out the Top 3 for improving affordability. There, the average home price fell $6,200 to $934,600. The monthly mortgage payment in July was $4,819, $47 less than in June. Article content The household income…