News
Housing affordability in Canada just saw the biggest improvement in almost 4 years – Global News
Stable interest rates and a continued cooling in home prices helped give housing affordability in Canada its biggest jump in almost four years in the first quarter of 2023, according to a new report.
On Thursday afternoon, National Bank of Canada released its quarterly housing affordability monitor, which it tracks through mortgage payments as a percentage of income (MPPI).
Mortgage payments as a percentage of income reached 60.9 per cent in the quarter, down 3.2 percentage points from the previous period and down 5.4 percentage points from recent highs. Q1’s affordability boost was the best improvement in the last 15 quarters tracked by National Bank.
Affordability was better for the second quarter in a row in Canada, according to the report. Each of the 10 markets monitored by National Bank showed improvement, the first time that’s happened in two and a half years.
National Bank noted that while there has been improvement in MPPI, it remains elevated, and has not retrenched the massive rise in unaffordability observed during the COVID-19 pandemic.

Canadians looking to enter the housing market in a major urban centre now need to save an average of just over $50,000, which National Bank estimates requires 73 months of saving. The historic average since 2000 is 40.5 months of saving.
The bank cited a continuing price decline in the first quarter as helping Canadians better afford their homes. National Bank said median home prices were down for a third consecutive quarter, marking an overall decline of 7.3 per cent, which the bank called “the biggest drawdown in a generation.”
Vancouver, Toronto, and Hamilton, Ont., saw the biggest price declines and, by extension, the best improvements in affordability in the quarter. Despite the improvements, MPPI in Toronto (82.8 per cent) and Vancouver (94.9 per cent) are still well above the national baseline and the cities’ historical averages.
At the same time as the housing correction was proceeding, the Bank of Canada announced a conditional pause on interest rate hikes in the quarter, providing some relief to mortgage rates.
National Bank says that its benchmark five-year fixed rate mortgage used to calculate affordability declined 14 basis points.
Looking ahead to the rest of the current quarter, National Bank expects Canadians will continue to see relief on the interest rate side of the equation, though home prices and sales activity are beginning to tick up as buyers move off the sidelines.
The report’s authors said they have doubts about whether the price rise will be sustained, however, given the Bank of Canada policy rate’s current “restrictive” levels following a series of rate hikes in the last year.
Median household incomes were also up 1.3 per cent quarter-to-quarter, National Bank said, helping to improve the overall affordability picture for Canadians.
To learn more about how you can break into Canada’s housing market, check out Global News’ Home School series here.

© 2023 Global News, a division of Corus Entertainment Inc.
News
Begin Your Musical Journey With Guitar Lessons

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Beginning a guitar lesson will likely start off by asking about their goals and what they would like to learn, before teaching basic chords and the universal strumming pattern.
Understanding that mastering any instrument takes time is crucial, but consistent practice will yield tangible results within weeks or two.
- Know the Instrument
As you embark on your guitar journey, it is crucial that you establish the essential foundational knowledge. This includes becoming acquainted with your instrument and how it operates; having this understanding will allow for improved playing performance and lessen frustration.
Study the names and placement of strings on the fretboard, as well as chords; chords are groups of notes you strum together to produce harmony; more chords you know means more songs you can play! Open chords such as Sweet Home Alabama by Lynyrd Skynyrd or Bad Moon Rising by Creedence Clearwater Revival are easy-to-play examples of open chords that use open strings with fretted ones on the first three frets; these chords may help get you started playing more advanced songs!
Fretting and unfretting each chord to become familiar with its shape will help build strength and confidence in your fingers, making chord playing more natural and intuitive.
- Know the Basics
Once you arrive for your first lesson, your instructor will ask for some information about yourself to gain a sense of what goals and learning styles you wish to accomplish through guitar lessons.
At first, you’ll learn to hold and number each string on the guitar; picking individual strings while developing an understanding of how much pressure must be applied in order to play each note is also taught during these early lessons.
Soon you will start strumming along to songs and developing an understanding of rhythm. While this process can seem cumbersome and time-consuming, keep in mind that professional guitarists spend hours each day working on developing their rhythm skills! Once you find your groove with playing chords you will soon be on your way to creating music that uplifts and motivates! Although this might take a while it will ultimately pay off!
- Set Goals
Once you’ve built rapport with your instructor, it is crucial that you discuss what your goals for guitar are. This will enable them to tailor a practice routine just for you that will help realize your musical ambitions.
Beginner students of guitar can sometimes have unrealistic expectations that can undermine their motivation to practice guitar. Expectations such as effortlessly smooth chord changes or effortless strumming can become discouraging when they don’t come immediately.
Your first objective should be getting your fretting hand fingers to form simple chords together with ease, taking time and practice. Your fingertips may hurt until calluses form; don’t be discouraged though as without hard work there will never be success in anything!
Setting specific guitar goals will enable you to monitor your progress and achievements more easily. A good goal can be as straightforward as “Improvise a slow blues song using Eric Clapton’s style within 3 months”. Tying these goals to rewards and discussing them with your instructor will keep you accountable and help ensure success.
- Practice
No matter whether it’s scales, chord progressions or songs – knowing your goals and practicing to reach them is key to reaching them. Achieve success requires having a clear image of what success looks like (such as being able to improvise over a slow blues in Eric Clapton’s style within three months) as well as tracking progress towards that goal.
To ensure you meet your goals, it’s essential to create a detailed plan and set aside specific times each week that you can dedicate to practicing. Discuss your objectives with your instructor to establish what a realistic timeline might look like for achieving musical aspirations.
Take steps outside your comfort zone during practice sessions to keep motivated and expand your guitar abilities in novel ways. Try playing songs in different keys than usual or adding some advanced chords to your repertoire. This may keep your practice sessions interesting and help to keep you moving forward!
Begin your musical journey with guitar lessons and discover the joy of playing your favorite songs on this versatile instrument. With expert instruction, you’ll learn the skills you need to play your favorite pieces and express yourself creatively through music. Whether you’re a beginner or a seasoned musician, guitar lessons can help you take your playing to the next level.
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CTV National News: Canada's rock music legends | CTV News – CTV News Montreal
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