a house for sale sign in front of a house.

In 2024, the rate at which money is borrowed overnight remained constant, resulting in a decline in fixed home loan interest rates. For instance, the interest rate for a fixed mortgage over a period of five years decreased from 5.49% in October to 4.89% by January. The increase in interest rates has had an impact on both individuals who own homes and those who rent, as rental rates have risen by 22% in just two years. To evaluate the affordability of housing, Zoocasa examined the average rental prices and mortgage payments in 26 Canadian cities using the December 2023 averages. The study revealed that in Winnipeg, the typical monthly rent of $1,526 closely aligns with the monthly mortgage payment of $1,521, making it an especially affordable market for those looking to purchase a home.