""Unfortunately, as it pertains to the forecast, we've had to change that and lower it because of the situation in the Middle East and the oil shock," CREA senior economist Shaun Cathcart stated, highlighting the impact of global events on local markets."
""The bottom for home prices is likely to be right around the corner, but now that we're no longer at the bottom on interest rates, many buyers will continue to play the waiting game," Cathcart noted, emphasizing buyer hesitation amid rising rates."
The Canadian Real Estate Association has revised its housing market forecast downward due to increased fixed mortgage rates and disappointing sales in early 2026. Inflation from rising oil prices has heightened the likelihood of a Bank of Canada rate hike, leading to increased bond yields. The national average home price fell to $673,084 in March, marking a 0.8% decrease from the previous year. The MLS Home Price Index has seen a continuous decline for 16 months, with prices down in major provinces despite increases elsewhere.
Read at www.cbc.ca
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