Housing affordability improved in July from June

July brought a notable shift in housing affordability, as home prices declined in 10 out of 13 Canadian markets—including key areas such as Vancouver, Hamilton, and Regina. This reduction in prices directly lowered the income required for mortgages, offering some relief to potential buyers. While mortgage rates saw only a slight decrease, it was the drop in prices that played the biggest role in making homeownership more accessible. With over two decades of consulting experience and a master's in business, I see these trends as a reminder of the importance of careful market analysis—especially here in the Greater Vancouver area, where even small changes can have a significant impact.