HOME RATES ABOUT SERVICES VIDEO BLOG CONTACT ME TEAM
AGENT LICENSE ID
503985
BROKERAGE LICENSE ID
x026191
Betty Chen Mortgage Broker

Betty Chen

Mortgage Broker


Phone:
Address:
2183 240th Street, Langley, British Columbia

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

NBC: Reliefs for housing affordability in the first quarter of 2024

5/29/2024

HIGHLIGHTS:

  • Canadian housing affordability posted a first improvement in three quarters in Q1'24. The mortgage payment on a representative home as a percentage of income (MPPI) fell 3.1 percentage points, the largest one quarter improvement since the second quarter of 2019. Seasonally adjusted home prices decreased 0.6% in Q1'24 from Q4'23; the benchmark mortgage rate (5-year term) slumped 32 basis points, while median household income rose 1.2%.
  • Affordability improved in all ten markets covered in Q1. On a sliding scale of markets from best progression to least: Vancouver, Victoria, Toronto, Hamilton, Montreal, Winnipeg, Ottawa-Gatineau, Edmonton, Quebec, Calgary. Countrywide, affordability enhanced 2.2 pp in the condo portion vs. a 3.4 pp betterment in the non-condo segment.

https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

MY LENDERS

Scotia Bank TD Bank First National EQ Bank MCAP Merix
Home Trust CMLS Manulife RFA B2B Bank Community Trust
Lifecycle Mortgage ICICI Bank Radius Financial HomeEquity Bank CMI Bridgewater
Sequence Capital Wealth One Fisgard Capital Bloom Financial NationalBank