House price affordability improves in some cities: PBO

Nationally, average house prices dropped from $837,400 in early 2022 to $687,300 in August 2025, with mortgage rates falling from 6.5% to 5.1%. Affordability improved notably in cities like Hamilton and Toronto, where the affordability gap decreased significantly. However, Calgary, Halifax, Montreal, and Quebec saw worsening affordability, with rising gaps, while Edmonton and Winnipeg maintained prices closer to affordable levels.