As parliamentarians spar over how to make housing more affordable, Ottawa's fiscal watchdog is reporting significant progress in closing that affordability gap nationally — but the picture looks very different across the country.

Interim Parliamentary Budget Officer (PBO) Jason Jacques put out an updated housing report on Thursday. The report gauges affordability based on the gap between average home prices and what the typical household can afford.

That gap narrowed from 80 per cent in September 2023 to 34 per cent in August, the report said.

The PBO said cheaper borrowing costs, stronger wages and lower home prices are making it easier for Canadians to afford a home and pay their mortgage.

Is now the moment for first-time buyers to get into the housing market?

Greater Toronto Are

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