Canada’s affordability streak has now reached 10 consecutive quarters, and I’ve been closely watching how these changes play out here in the Lower Mainland and Fraser Valley markets. With mortgage rate relief no longer expected to boost affordability, the focus is shifting to what matters most for buyers and sellers: home prices and income growth. Economists predict that mortgage rates will likely remain steady—or may even tick up—in the coming year, so any improvement in affordability will hinge on whether home prices moderate. Slower population growth could help ease demand and keep prices in check, while a stronger labour market is expected to support household incomes. Of course, the story changes depending on where you are in Canada—Vancouver and Toronto present very different opportunities and challenges compared to Calgary or Edmonton. Even with some positive signals, economists emphasize that unless we see consistent moderation in home prices, any gains in affordability may be limited. Every market is unique, and understanding these nuances is essential—especially if you’re considering your next move in Surrey, Vancouver, or beyond.
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