A report published on Wednesday, circulated by all Canadian media, stated that Canada is witnessing a frightening deterioration amid rising home prices. The report indicated that the average home price was $810,985 USD in the second quarter of 2022, where the mortgage payment for a home at this price would be $4,166, resulting in an inflation rate of 63.9% - the highest rate since 1981, representing an increase of 19.1% from the previous year. In 2000, the average MPPI rate was 40.7%.

Many urban areas included in the study have housing rates of more than 90%, where the Vancouver area had the lowest affordable housing market for non-residential homes, which included detached, semi-detached, and independent homes, and 51% for residential apartments, while affordability statistics in Victoria showed similar figures.

In the Montreal area, the retail index for non-residential homes was 50.1% and 33.9% for private apartments, similarly in the Ottawa Gatineau area, where the index for non-residential homes was 50.9%, while the index for residential apartments was 28.6%.

According to the analysis, The Prairies and Quebec City were the most affordable housing markets, where retail payment rates for homes without residential apartments in Calgary, Edmonton, Winnipeg, and Quebec City ranged between 30 and 37%.

However, with the recent slowdown in the housing market, economists at the National Bank say there is some good news coming regarding housing affordability as the bank expects a 10% decrease in home prices in the coming months.