Vancouver Affordability Improves Again

In Late-Q2 2026, Vancouver saw the largest affordability gain among covered markets, as sizeable home-price declines made payments more manageable despite firmer mortgage rates.
Vancouver’s mortgage-payment-to-income ratio ↓2.6 points during the quarter after the representative home price ↓2.9%, marking a clear affordability boost tied to pricing.
Even after that improvement, Vancouver remained Canada’s least affordable market, with the mortgage payment on a representative home consuming 79.4% of median income.
An economist said Vancouver highlighted a market shift: affordability gains were now coming from falling prices, while mortgage rates were no longer driving relief.
Vancouver was one of six markets that improved during the quarter, underscoring how price moderation, not cheaper borrowing, had become the key affordability lever.