Low Mortgage Rates Keep Toronto Homes Affordable

Housing affordability is improving in Ontario thanks to lower mortgage rates and softening demand.

According to a Royal Bank of Canada report released Thursday, after four consecutive quarters of steep decline, housing affordability gained traction in the fourth quarter, thanks to bottoming mortgage rates and a slowing demand

The Toronto real estate market continues to flourish due to low interest rates and low inventory of homes for sale. The market will likely slow down later this year as interest rates rise, though this will probabaly mean prices going up more slowly rather than prices going down.