News Summary

• The share of income needed to support an average home purchase has fallen to 32 per cent.
• That’s a solid ten-point drop from the 42 per cent nosebleed level we were staring at in 2022.
• While affordability is still uncomfortably high for many, the average borrower is in a much better position today than just three and a half years ago.
• The average age of a first-time home buyer in Canada is now around 40 — among the highest in the world.