Ottawa Home Affordability Improved

Ottawa posted one of the strongest affordability gains in Late-Q3, as softer home prices improved buying conditions more than in most major markets.
The key driver was price relief, not cheaper borrowing: Ottawa’s avg. sale price fell ↓$14.2K MoM, helping more buyers qualify for financing locally.
That price shift trimmed the avg. mortgage payment by ↓$70 per mo, creating ~$840 in yearly savings for an Ottawa buyer recently.
Ottawa’s required qualifying income for an avg. priced home also fell ↓$2.63K, a helpful step that still suggests only modest relief for many buyers.
For Ottawa buyers, the latest affordability gains may stay limited if fixed rates hold near current levels, leaving future progress tied mainly to home prices.