Slight Improvement in Affordability: RBC reports it now takes 59.5% of the median household income to own a home, down from 63.7% at the end of 2023.

Market Correction: Following the pandemic boom, housing costs have stabilized with easing mortgage rates, stagnant home prices, and wage growth.

Outlook for Buyers: RBC expects interest rate cuts and rising household incomes, which could further improve affordability. However, national home prices remain high, and buyer demand is still weak, especially for first-time buyers.

Future Trends: RBC projects affordability gains as interest rates decline and home prices stabilize, potentially reversing a third of the pandemic's affordability deterioration.