Vancouver homebuyers face one of the biggest price increases in the country

Housing affordability in Vancouver is becoming increasingly challenging, with average home prices rising by $10,700 from January to February. Only Montreal and Halifax experienced larger month-over-month increases. Despite this, a recent report indicates a $1,000 decrease in the required income to buy a home and a slight reduction in monthly costs. Overall, housing affordability improved in eight of 13 major Canadian markets due to declining mortgage rates, although uncertainty remains due to external economic factors.