Majority Of Canadian Homebuyers Paying Maximum Price They Can Afford

Majority Of Canadian Homebuyers Paying Maximum Price They Can Afford

The Canada Mortgage and Housing Corporation's (CMHC) annual Mortgage Consumer Survey was released this week and the findings reveal a varied, but overall optimistic, homebuyer landscape based on responses from 3,968 mortgage consumers collected in January 2025. While an increasing amount of homebuyers paid the maximum that they can afford for a home and more consumers are struggling to make mortgage payments, respondents are more optimistic abou…

Affordability of Existing Homes Edges Upward

The percentage of a family’s income needed to purchase a new home fell from 38% in Q4 2024 to 36% in Q1 2025, as a result of a 6.5% rise in median family income and a 1% decline in the median price of a new home.

Income Growth Helps Mute Existing Affordability Constraints

Despite solid income gains and lower home prices, Americans still continue to face major housing affordability challenges, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI). The CHI results from the first quarter of 2025 show that a family earning the nation’s median income of...