Although mortgage rates in Canada are starting to trend lower, there's sadly little relief on the horizon for prospective homebuyers, as affordability conditions continued to worsen in most cities — including Toronto — throughout the month of April.paints a somber picture of the country's current real estate market, finding that it became tougher to qualify for a mortgage in 10 out of 13 major markets in Canada last month due to rising home prices.
According to the study, the average five-year fixed mortgage rate decreased slightly between March and April from 5.62 per cent to 5.5 per cent.— which requires borrowers to prove that they could afford to carry their mortgage at a rate of two per cent or higher than the one they receive from their lender — also sits at 7.5 per cent.
"Interest rates are down and home values are up in 12 out of 13 cities we looked at. The increase in home values was enough such that affordability worsened in 10 of 13 cities despite the rate drop." In Toronto specifically, the average home price in March 2024 was $1,113,600 and $1,128,100 in April 2024, representing a change of $14,500 —the second-highest increase seen in Canada besides Halifax.
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