Lower Mortgage Rates Could Improve Canadian Affordability But Not Just Yet

Canada's inflation rate has dropped to 2.5%, signaling a potential easing of economic pressures. While this is encouraging, housing costs remain high, with mortgage interest costs rising 21% and rental prices increasing significantly in various provinces. The Bank of Canada may cut rates soon, which could eventually lead to lower mortgage rates, but the impact on affordability will take time. Homeowners facing mortgage renewals should prepare for potential payment increases, while renters are encouraged to seek affordable housing options.