Can't Even Afford a Crib: Canadian Housing Market is Mid 📉🏠

The Deets

Okay, so listen up, fam. The housing market in Canada is low-key stressing everyone out. Like, across 12 out of 13 major markets, it's getting harder and harder to even think about buying a place. Why? Two words: mortgage rates. They're so high rn.

That average mortgage stress test rate? Yeah, it jumped to 6.48% in June. No cap, that's insane! So, unless you're already rich, good luck trying to cop a house.

Places like St. John’s, N.L., Fredericton, N.B., and Ottawa, Ont., are getting hit the worst. Like, the income you need to even qualify for a mortgage is skyrocketing.

And the Bank of Canada? They're tryna play it cool, holding the overnight rate at 2.75% for now. But analysts are saying they'll probably keep it that way for the rest of the year. Inflation is still sus, even though it's "only" at 1.9%.

Oh, and don't even get me started on the US trade war. Apparently, that's making fixed mortgage rates go up too. Like, can this get any worse?

BUT, there's one place where things are actually kinda improving: Toronto. Yeah, the average home prices dropped a bit there, so it's slightly easier to afford a place. Small W, but we'll take it.

Basically, the Canadian housing market is acting up, and unless something changes soon, owning a home will just be a dream for most of us. Stay woke, fam.

Hamilton is looking like a major L with prices dropping 4% due to reliance on steel and Trump's tariffs. Edmonton is bussin' with a 9% jump, cuz it's affordable and jobs are hitting different. Quebec City is also kinda slaying with a 13% increase, being cheaper than Montreal.