Mortgage rate relief was no longer expected to support affordability, shifting attention to home prices and income growth as the main drivers ahead.
Over the next year, economists expected mortgage rates to stay steady or edge higher, making future affordability progress more reliant on price moderation.
Slower population growth was expected to limit housing demand and help contain prices, while an improving labour market was seen supporting household income.
Client conversations across Canada remain highly market-specific, with Vancouver and Toronto differing fundamentally from Calgary and Edmonton for buyers and sellers today.
An improving labour market was expected to support household incomes, though economists warned affordability gains would narrow without sustained moderation in home prices.
