Canadian Housing Markets Remain Resilient Amid Affordability Shifts

In April, rising fixed mortgage rates and increasing home prices reduced affordability in 12 of 13 major Canadian cities. The average five-year fixed mortgage rate rose to 4.47%, driven by higher government bond yields amid global energy concerns. Ottawa experienced the largest affordability decline with a $12,100 price increase, while Fredericton saw improved affordability due to a $15,500 price drop. Overall, higher borrowing costs and firming prices challenge buyers nationwide.