In Late-Q3, Montreal affordability improved slightly as the mortgage payment for a typical home eased by $27, offering buyers a modest step forward.
That change was not a game changer for most buyers, but it pointed to softer pricing and a small improvement in purchasing conditions.
A housing affordability analysis showed Montreal posted an improvement, but the shift remained limited rather than dramatic for buyers targeting a typical home.
The analysis suggested elevated fixed-rate pricing continued to limit how much buyers felt that improvement, even as softer home prices provided some relief.
A soft autumn market and economic uncertainty could add more downward pressure on prices in Quebec, including Montreal, before year-end, potentially giving buyers added room.

Bank of Canada raised its key rate 0.25% to 2.5%, its first hike since July 2023.

– Officials warned that rising energy costs could fuel broader inflation, raising the 2027 inflation forecast to 3.1%.

– The next rate decision is December 9, 2026, with further hikes possible depending on inflation and economic conditions.

Canada’s annualized housing-start pace reached 248.9K units in Late-Q3, ↑~3% from Mid-Q3’s 242.2K, signaling slightly stronger construction momentum across Canada recently overall.
Actual monthly starts in Canadian communities above 10K people hit 20K units in Late-Q3, ↓~11% yearly from 22.4K a year earlier overall.
Rural housing starts were estimated at 18.1K annualized units, while the six-mo moving avg. of starts reached 250.4K, ↑<1% nationwide overall recently.
An economist said Canada still faced a long-term housing supply gap, keeping construction levels central to whether affordability improvements since 2023 can last.
The key takeaway for Canada: unless homebuilding rises further, the affordability progress seen since 2023 will be difficult to sustain over the longer term.

A Late-Q3 rent update said renter conditions across Canada kept improving, with national asking rents for one- and two-bedroom units holding steady MoM in Mid-Q3.
Yearly declines persisted, but the national drop was the smallest since Early-Q1 2025, suggesting Canada's rental market may have been beginning to stabilize.
Across tracked Canadian markets, Vancouver remained the priciest rental market, while Edmonton posted the lowest avg. asking rents overall in the index.
Calgary ranked 16th among tracked Canadian markets, placing it in the middle of the pack as renters compared options across Canada recently.
The broader takeaway for Canada was a renter-friendlier market, with softer yearly pricing and early signs of stability after an extended cooldown.

Earlier this year, Canada’s ownership-cost burden reached ~53% of median household income by Late-Q2, improving by ~0.5 points from Late-Q1 nationwide, a slight easing.
Ownership costs stayed mostly stable through Late-Q2, showing affordability improved only modestly and suggesting the national shift came from steady pricing, not a rapid reset.
Within Canada, Vancouver and Toronto led housing-cost declines, while Regina, Saskatoon, and Winnipeg posted modest price gains, showing affordability shifts varied by market.
Calgary and Edmonton were largely flat quarterly, with slight cost easing, yet both stayed above long-term affordability norms, underscoring lingering pressure for local buyers.
Edmonton remained among Canada’s most affordable major markets, but even there buyers faced affordability hurdles that could keep some from entering the market.

Canada's central bank began building forecasts on a new model that gave mortgage renewals and housing supply a larger role in reading inflation.
That shift moved Canada's mortgage renewal wave closer to the center of rate-setting, highlighting how household financing pressures now matter more in policy analysis.
The model entered use in the previous month, a staff paper said, marking a recent change in how the central bank structures forecasts.
The governor said the model would be the primary tool for the Oct. 28 rate announcement and the upcoming Monetary Policy Report.
He said no model solves every problem, but this one may better fit a world shaped by supply shocks and stronger global connections.

Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day.
In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints.
Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known as All Hallows Eve, and later Halloween.
Over time, Halloween evolved into a day of activities like trick-or-treating, carving jack-o-lanterns, festive gatherings, donning costumes and eating treats.
Today’s the day to eat candies and sweets to your heart’s content! Happy Halloween!