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From March 2020 to the end of 2023, the growth rate of home prices surpassed the increase in the average mortgage payment documented by Equifax. This trend was prominent in most of Canada's major cities, particularly in Eastern Canada, where the average household's payment notably trailed behind the growth in home prices. However, in cities such as Toronto, Vancouver, Hamilton, Kitchener, and Regina, real estate prices lagged behind mortgage payments, unlike the rest of Canadian cities.
This means vast majority of individuals are managing a mortgage much cheaper than what a buyer would require today. Despite the increase in mortgage payments, the appreciation in most cases far exceeded the burden of escalating interest costs.