Housing Affordability Declines Again Nationwide

Summary of the publication

The Desjardins Affordability Index (DAI) for Canada fell in the first three months of 2022, marking the fifth straight quarterly decline. Affordability was down in Quebec, Ontario and every census metropolitan area (CMA). Housing affordability hit a new all-time low in many CMAs, and every CMA in Ontario posted its lowest DAI reading since 2006. Over the past year, the average home sale price1 has been rising on strong demand and limited supply in most markets nationwide. But household after-tax income has edged up only slightly. In many CMAs, it even fell. Rising mortgage rates also made home ownership less affordable in the first three months of the year.