"Economist Rishi Sondhi stated that it will likely take most of the year for housing activity to recover from first-quarter losses, as sales remain constrained by a subdued economy, heightened uncertainty and ongoing cost-of-living pressures."
"The report indicated that Ontario and B.C. received the steepest downgrades for sales and prices after significant first-quarter declines, with potential buyers facing affordability challenges and likely waiting for the market to bottom out."
"Sondhi noted that pent-up demand has yet to re-emerge as quickly as previously expected in Ontario and B.C., where the forecast for home sales has been adjusted to reflect a decline."
TD Economics has significantly lowered its 2026 forecast for home sales and prices, predicting a 1.8% decline in sales and a 0.3% drop in prices. The previous forecast anticipated increases of 9.3% in sales and 4.1% in prices. The report indicates that recovery from first-quarter losses will take time, with ongoing economic uncertainty and cost-of-living pressures affecting housing activity. Ontario and B.C. are expected to see the largest declines in sales and prices, with affordability challenges causing potential buyers to wait for market stabilization.
Read at www.cbc.ca
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