In their March 2022 Housing Trends and Affordability report, RBC Economics takes a look at the current state of housing affordability across Canada. While Toronto, Vancouver and Victoria continue to be the least affordable markets in the country by some margin, the rapid increase in real estate prices has impacted affordability in every region of the country. With the Bank of Canada beginning the process of hiking rates it looks like ownership costs will continue to spiral higher which will likely lead buyers, especially first time buyers, to reassess their plans.