Danielle Murphy

Owning a home remains a critical source of wealth accumulation for many Canadian families, with real estate equity representing 42% of overall household wealth in 2023. The link between homeownership and wealth creation is even more pronounced for younger families, with housing assets accounting for nearly half of total wealth. As housing affordability deteriorated, the barriers to homeownership have become increasingly prohibitive, particularly for those without familial support. In 2019, 3 in 10 homeowners reported receiving an inheritance at a median value of $67,000, while 2 in 10 renters received a median value of $33,000. As home values appreciated strongly throughout the COVID-19 pandemic period, so too did inheritances for homeowners. By 2023, the median inheritance Canadian homeowners received had risen to $85,100. A looming wave of interfamilial wealth transfers is set to occur as baby boomers age, putting those with familial means in a more secure financial situation than those without. A wealth transfer in the form of an inheritance, whether from a living or deceased relative, is just one way many homeowners have benefited from familial support when entering the housing market. Other forms of assistance, such as receiving partial or full downpayment gifts, borrowing from family members rather than a bank, or receiving intergenerational property transfers, are also potentially important forms of familial support and are reported in Statistics Canadas Survey of Financial Security. Across all age cohorts, 5% of families were living in a home that was acquired in full or in part from a gift or an inheritance, and 9% reported that at least some of the downpayment for their home had been from a gift or an inheritance. When combined with those who borrowed from family and friends rather than a financial institution to purchase their home, the overall share of homeowners who benefited from an inheritance or other types of familial support to enter the housing market rose to 4 in 10. https://www150.statcan.gc.ca/n1/pub/36-28-0001/2025003/article/00001-eng.htm

From Scotiabank HIGHLIGHTS Canadas housing market has been on a roller coaster ride since the pandemic as reflected by the profile for real private investment in residential structures, housing starts, sales and prices over this period. Housing affordability worsened significantly over this period with house prices reaching historical highs and mortgage rates increasing with the tightening in monetary policy since early 2022. Indeed, over this 5-year period home ownership affordability pressures have reached degrees like those witnessed in the early 1980s. Using Scotiabank Economics macro-econometric model of the Canadian and U.S. economies, we estimate that tightening supply constraints in construction from 2019Q3 to 2024Q4reflecting weakening productivity and rising construction material costsand above-normal population growth since 2022 each contributed to raise the benchmark MLS Home Price Index (HPI) a bit more than $50,000 over that 5-year period. This implies that if supply constraints had not tightened and population growth had stayed near its long-term average, the benchmark MLS HPI would have been slightly below $616,000 instead of the near $719,500 posted for 2024Q4. Our assessment and results strongly press the need to work on improving productivity to achieve housing affordability. Indeed, reducing bureaucratic burdens will also make housing supply more responsive to demand, thereby reducing price increases for a given rise in demand in the future. From 2024 to 2026, weaker population growth and uncertainty about trade barriers and their economic impact will reduce demand for homeownership. We forecast housing resale activity will slow in 2025 and 2026, declining from near 483,000 in 2024 to about 459,000 in 2026. Tight supply constraints will contribute to raise house prices especially in 2026 and mitigate progress on affordability from the past decline in interest rates and robust growth in real income. We expect the MLS House Price Index to rise by 0.4% in 2025 and 7% in 2026 with still-elevated supply constraints and pressure from the existing dwelling shortage. Of course, this expected profile for housing sales, starts and prices would be weaker if additional tariffs announced by the U.S. turn out more important than assumed in this forecast. https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-note.housing-note--march-19-2025-.html

Canadian Housing Survey shows women are more likely than men to be in core housing need. Overall, women were more likely to be in core housing need than men. Women experienced higher rates of core housing need in almost all age groups. However, the disparity was greatest between senior women and senior men over the age of 75. Racialized women had higher rates of core housing need than non-racialized women. Women-led, one-parent households had higher rates of core housing need than men-led, one-parent households. Women living alone not in a census family were more likely to be in core housing need than couples with and without children. Core housing need highlights the challenges many Canadians face in finding safe, suitable and affordable housing. Core housing need occurs when a household falls short of one or more housing standards adequacy, suitability or affordability and would need to spend 30% or more of its before-tax income to access housing that meets all 3 standards. Core housing need rates are often provided at the household level as the impact is felt by all individuals living in the household. According to the Canadian Housing Survey, approximately 1.7 million households (11.2%) were assessed to be in core housing need in 2022. This translates to approximately 3.3 million individuals (9.1%). https://www.cmhc-schl.gc.ca/blog/2025/core-housing-need-gender

By TD Economics Weve slashed our real GDP growth forecasts for this year from coast-to-coast, reflecting the impact of the Canada-U.S. trade war. Solid Q1 activity across regions will buffer annual averages, but we foresee a mild recession unfolding for Canada in the middle-part of this year. Our forecast assumes that Canadas exports to the U.S. will face a 12.5% effective tariff rate for six months, lowered to 5% in Q4-2025 and held there through the projection horizon. We expect Canada to retaliate with their $155 billion package over the next two quarters before paring back to $30 billion. Across provinces, Quebec and Ontario are especially exposed to tariff risks given their outsized manufacturing sectors. However, Quebecs public sector is also quite large, and is less directly exposed. New Brunswick, meanwhile, is heavily reliant on the U.S. as an export destination. On the flipside, U.S.-bound shipments make up only a small share of GDP in Nova Scotia and B.C., while a lower 10% tariff on energy exports will likely soften the blow in Albertas case. The commodities backdrop, especially crude oil, is softening due to the prospect of slowing global demand growth. WTI prices have been revised lower, impacting profitability and investment in key resource-producing provinces. Our forecast builds in assumed support from government stimulus. So far, weve received budgets from Nova Scotia, B.C., and Alberta. For the most part, growth-supporting efforts have focused on infrastructure spending and allocating funds for trade-war related contingencies. Alberta, however, will roll out a sizeable tax cut for households this year. Provinces are also retaliating to through various measures, including the elimination of U.S. alcohol purchases. Weve downgraded our annual average housing forecasts for nearly every province this year (Newfoundland and Labrador gets a reprieve given solid momentum heading into 2025). Q1-25 performances were weak across most provinces. Part of this can be traced to severe winter storms in February, although tariff-related economic uncertainty is probably weighing. A subdued performance is likely in the cards for the bulk of 2025, before an improving jobs market, pent-up demand and waning uncertainty drives a better outcome in 2026. https://economics.td.com/provincial-economic-forecast

Home sales dropped by 9.8% between January and February, the third monthly contraction in a row and the strongest decline since May 2022 when the Bank of Canada was tightening its monetary policy aggressively. On the supply side, new listings down 12.7% from January to February following a 14.8% jump the previous month. Active listings increased by 3.4% from January to February, the third monthly advance in a row. Combined with the decrease in sales, the number of months of inventory (active listings-to-sales) increased for the third consecutive month, jumping from 4.1 in January to 4.7 in February, its highest level since June 2019 (excluding Covid). Market conditions loosened sharply during the month and moved from tighter than their historical average to balanced. This was mainly due to a sharp softening in market conditions in Ontario and B.C., which are now in favourable to buyers territory. On the other hand, all other provinces are still showing tighter than average market conditions. Housing starts decreased by 4% (-10.3K) in February to 229.0K (seasonally adjusted and annualized), a print below the median economist forecast calling for 246K units. The monthly loss was driven by a decrease in urban starts (-10.3K to 209.8K) while rural starts were flat (at 19.2K). In urban centres, the regression was observed in the multi-unit segment (-9.8K to 166.5K), while starts edged down in the single-detached segment (-0.5K to 43.3K). The TeranetNational Bank Composite National House Price Index decreased by 0.1% from January to February after seasonal adjustment. Three of the 11 markets in the composite index were down during the month: Victoria (-1.4%), Vancouver (-0.9%) and Toronto (-0.5%). Conversely, prices rose in Halifax (+2.8%), Winnipeg (+0.9%), Montreal (+0.9%), Edmonton (+0.9%), Calgary (+0.8%), Quebec City (+0.6%), Ottawa-Gatineau (+0.3%) and Hamilton (+0.2%). https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

Canadian home sales fell sharply from January to February, as home buyers remained on the sidelines in the first full month of the ongoing trade war with the United States. Sales activity recorded over Canadian MLS Systems dropped 9.8% month-over-month in February 2025, marking the lowest level for home sales since November 2023, and the largest month-over-month decline in activity since May 2022. The moment tariffs were first announced on January 20, a gap opened between home sales recorded this year and last. This trend continued to widen throughout February, leading to a significant, but hardly surprising, drop in monthly activity, said Shaun Cathcart, CREAs Senior Economist. This is already being reflected in renewed price softness, particularly in Ontarios Greater Golden Horseshoe region. Declines were broad-based, with sales falling in about three-quarters of all local markets and in almost all large markets. The trend was most pronounced in the Greater Toronto Area and surrounding Great Golden Horseshoe regions. February Highlights: National home sales dropped 9.8% month-over-month. Actual (not seasonally adjusted) monthly activity came in 10.4% below February 2024. The number of newly listed properties fell back 12.7% month-over-month. The MLS Home Price Index (HPI) declined 0.8% month-over-month and was down 1% on a year-over-year basis. The actual (not seasonally adjusted) national average sale price fell 3.3% on a year-over-year basis. https://stats.crea.ca/en-CA/

Decision Details: The Bank of Canada lowered its target for the overnight rate by 25 basis points to 2.75%, in line with a nearly unanimous consensus and market pricing. This is the 7th consecutive cut, bringing cumulative rate relief to 225 basis points since June 2024. At 2.75%, the policy rate is equal to the mid-point of the BoCs estimated neutral range (2.25% to 3.25%) The BoCs overnight target is now 175 basis points below the Feds upper bound policy target (the largest rate gap since 1997) As was the case in January, the Bank will set the deposit rate 5 basis points below the target rate (2.70%). The Bank rate will remain 25 basis points above the overnight target (3.00%). Rate Statement Opening to the Press Conference: Driving the decision to cut 25 bps was inflation close to 2% and pervasive uncertainty created by continuously changing US tariff threats. This is restraining consumers spending intentions and businesses plans to hire and invest. Note that in January, the Bank cited excess supply in the economy as contributing to that decision to ease. Theres no reference to excess supply or an output gap today. Not surprisingly, the Bank didnt commit to any particular rate path. However, theyve stressed that theyll have to proceed carefully with any further changes to our policy rate. Thats because there are upward pressures on inflation from higher costs along with the downward pressures from weaker demand.. The Bank notes that the economy entered 2025 in a solid position with robust GDP growth, stronger than their earlier assessment. That said, growth in Q1 will likely slow as the intensifying trade conflict weighs on sentiment and activity. Export growth, however, could come in strong as US importers front loaded orders ahead of tariffs. As for the labour market, the statement notes the hiring pick-up from November to January but acknowledged Februarys. They add there are warning signs that trade tensions could disrupt the job market recovery. On wage growth, they see signs of moderation. The Bank highlights that headline inflation is close to the 2% target. The federal tax holiday has muddied the inflation picture, but the Bank notes inflation will be around 2.5% after the tax break. Again, the statement downplays above-target core inflation measures which are occurring because of the persistence of shelter price inflation. The Bank also stressed that short-term inflation expectations have risen. In an accompanying release, the BoC provided insight into how Canadian businesses and households are reacting to the trade conflict. The report highlighted consumer spending caution (plans to defer large purchases and increase precautionary savings), job security worries (especially in industries directly relying on exports to the U.S.), and a subdued business outlook. The BoC highlighted that businesses are reducing hiring/investment plans on the basis of heightened trade uncertainty, while both consumers and businesses are expecting prices to increase over the next year. While the opening remarks to the presser mention that the economic activity impact from tariffs is largely yet to be seen, uncertainty is already weighing considerably on business and consumer intentions. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/boc-policy-monitor.pdf

The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%. The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth. However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada. The economic outlook continues to be subject to more-than-usual uncertainty because of the rapidly evolving policy landscape. After a period of solid growth, the US economy looks to have slowed in recent months. US inflation remains slightly above target. Economic growth in the euro zone was modest in late 2024. Chinas economy has posted strong gains, supported by government policies. Equity prices have fallen and bond yields have eased on market expectations of weaker North American growth. Oil prices have been volatile and are trading below the assumptions in the Banks January Monetary Policy Report (MPR). The Canadian dollar is broadly unchanged against the US dollar but weaker against other currencies. Canadas economy grew by 2.6% in the fourth quarter of 2024 following upwardly revised growth of 2.2% in the third quarter. This growth path is stronger than was expected at the time of the January MPR. Past cuts to interest rates have boosted economic activity, particularly consumption and housing. However, economic growth in the first quarter of 2025 will likely slow as the intensifying trade conflict weighs on sentiment and activity. Recent surveys suggest a sharp drop in consumer confidence and a slowdown in business spending as companies postpone or cancel investments. The negative impact of slowing domestic demand has been partially offset by a surge in exports in advance of tariffs being imposed. https://www.bankofcanada.ca/2025/03/fad-press-release-2025-03-12/

New home prices continued slowdown in January The national index edged down 0.1% on a month-over-month basis in January, following the same decline in the previous month. Prices were unchanged in 15 out of the 27 surveyed census metropolitan areas (CMAs). Meanwhile, nine CMAs saw an increase, while three CMAs were down. Even though more CMAs recorded price increases in January, a decline was seen at the national level. This decrease was driven by Toronto (-0.4%), the largest new housing market in Canada, accounting for nearly one-quarter (23.6%) of the national weight. The largest month-over-month decrease of new home prices in January was recorded in Ottawa (-0.5%), followed by Toronto (-0.4%) and Edmonton (-0.2%). The weight of these three CMAs accounts for 38.8% of the national index. The latest new housing sales figures show a slowdown in the Ottawa and Toronto markets. Data collected from the Greater Ottawa Home Builders Association shows a 21.2% monthly decline in sales of new detached houses and townhouses in December 2024. In the case of Toronto, Altus Group reported a decline in new single-family home sales (-68.6%) in December 2024. The largest monthly increases in January 2025 were registered in Saskatoon (+0.6%) and St. CatharinesNiagara region (+0.6%), followed by Qubec (+0.5%) and Winnipeg (+0.4%). Reduced borrowing costs fuelled the demand for housing in the CMAs where prices were relatively more affordable. The Canada Mortgage and Housing Corporation reported declines in inventory of completed and unsold single-family homes in Qubec (-10.8%) and Winnipeg (-3.3%) in December 2024 compared to the previous month. https://www150.statcan.gc.ca/n1/daily-quotidien/250220/dq250220c-eng.htm

With the second Bank of Canada (BoC) rate announcement this year around the corner on March 12, many Canadians are eager to see if the central bank will cut its lending rate again. In January, the BoC cut its lending rate by 25 basis points, bringing it down from 3.25% to 3%. So, is more rate relief on the way? According to TD Economist Derek Burleton, the BoC is likely to cut its lending rate at the upcoming announcement by 25 basis points. We are anticipating a follow-up cut in March, and TD Economics predicts the central bank will bring its lending rate down to 2.75%, Burleton said. Since the inflation data came out a few weeks ago, market odds of a cut fell as low as 30%, but have since jumped to 90% following the imposition of U.S. tariffs on Canadian exports. So, while theres still a chance that the central bank will announce a rate hold, there is a growing consensus that a cut is in store. Burleton explained that the Bank of Canada needs to help prepare for the economic risks on the horizon especially around tariffs. Even with recent reports showing a resilient job market and robust GDP growth in Canada, the central bank needs to ensure the economy is prepared for U.S. tariffs to hit Canadian exports, he said. https://stories.td.com/ca/en/article/will-bank-of-canada-cut-interest-rates-march-2025

Overall, investment in building construction rose 1.9% (+$408.1 million) to $21.8 billion in December, with gains recorded across all components. The residential sector grew 2.2% to $15.1 billion while the non-residential sector was up 1.3% to $6.7 billion. Year over year, investment in building construction grew 4.7% in December. On a constant dollar basis (2017=100), investment in building construction increased 1.5% from the previous month to $13.0 billion in December and was up 1.6% year over year. Multi-unit component drives residential sector gains in December Investment in residential building construction was up 2.2% (+$323.9 million) to $15.1 billion in December. Single family home investment edged up 0.8% (+$60.7 million) to $7.3 billion in December, marking its fifth consecutive monthly increase. Investment in multi-unit construction rose 3.5% (+$263.2 million) to $7.7 billion in December, rebounding from two significant and consecutive monthly declines. https://www150.statcan.gc.ca/n1/daily-quotidien/250213/dq250213a-eng.htm

Canadian MLS Systems posted a double-digit jump in new supply in January 2025 when compared to December 2024. At the same time, sales activity fell off at the end of the month, likely reflecting uncertainty over the potential for a trade war with the United States. Although sales were down 3.3% on a month-over-month basis in January, this was mostly the result of sales trailing off in the last week of the month. Meanwhile, the number of newly listed homes increased with an 11% jump compared to the final month of 2024. Aside from some of the wild swings seen during the pandemic, this was the largest seasonally adjusted monthly increase in new supply on record going back to the late 1980s. The standout trends to begin the year were a big jump in new supply at an uncommon time of year, as well as a weakening in sales which only showed up around the last week of January, said Shaun Cathcart, CREAs Senior Economist. The timing of that change in demand leaves little doubt as to the cause uncertainty around tariffs. Together with higher supply, this means markets that had been steadily tightening up since last fall are now suddenly in a softer pricing situation again, particularly in British Columbia and Ontario. https://www.crea.ca/media-hub/news/fourth-quarter-housing-data-hints-at-home-sales-rebound-for-2025-2/

Summary Home sales decreased by 3.3% between December and January, the second monthly contraction in a row, which can be explained by a slowdown in transactions in the last week of January. On the supply side, new listings surged by 11.0% compared to December, the first increase in four months and the biggest jump since February 2022 (rebound following Omicron wave). Active listings jumped by 4.2% from December to January, the second monthly advance in a row. Combined with the decrease in sales, the number of months of inventory (active listings-to-sales) increased for the second consecutive month, moving from 3.9 in December to 4.2 in January. Market conditions loosened during the month but remained tighter than their historical average in most provinces, while they remained balanced in B.C. and were in favourable to buyers territory in Ontario. Housing starts increased by 3% (+7.2K) in January to 239.7K (seasonally adjusted and annualized), a print below the median economist forecast calling for 252.5K units. The monthly gain was driven by an increase in both urban (+5.6K to 220.6K) and rural (+1.7K to 19.1K) starts. Starts were up in Montreal (+17.8K to 31.4K), Toronto (+17.2K to 29.1K), and Calgary (+0.4K to 21.4K), while they were down in Vancouver (-4.1K to 25.0K) from December to January. On a provincial basis, starts were up the most in Quebec (+16.6K to 58.4K), Nova Scotia (+2.8K to 8.2K), Alberta (+1.4K to 44.8K), and P.E.I. (+1.2K to 2.5K), while they saw the biggest decrease in Ontario (-6.4K to 57.0K), B.C. (-6.5K to 39.0K) and New Brunswick (-3.1K to 1.7K). The TeranetNational Bank Composite National House Price Index remained stable from December to January after seasonal adjustment. Seven of the 11 markets in the composite index rose during the month: Quebec City (+3.2%), Halifax (+0.9%), Calgary (+0.8%), Ottawa-Gatineau (+0.6%), Victoria (+0.6%), Edmonton (+0.6%) and Montreal (+0.4%). Conversely, prices fell in Winnipeg (-1.5%), Hamilton (-1.4%) and Vancouver (-0.6%), while they remained stable in Toronto. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

Canada Housing Market: Trade uncertainty weighed on housing markets in January ... and this is likely to continue in the foreseeable future National housing market conditions eased significantly in January 2025 with sales declining and new listings posting a near-record monthly rise. The national MLS House Price Index stayed essentially unchanged in January. Both declining sales and sharply rising new listings contributed to cool housing resales conditions nationally from December 2024 to January 2025. Over this period sales declined -3.3%, following a -5% decline from November to December. In January 2025, sales were only 2.9% above their level in the same month of 2024. But from the CREA report, the sales decline in January came mostly from a weak performance in its last week, the period where uncertainty on the new U.S. administration tariff policy started flying high. New listings climbed 11% from December to January and their level was at an historical high, excluding the very volatile initial 12-month period of the pandemic. In terms of their monthly progression, new listings posted the second largest historical increase in January (again outside the above-mentioned pandemic period), after the one observed in February 2022 (+21.4%) when house prices were at their historical summit and just before the Bank of Canada and other central banks started hiking their policy rate. This monetary policy tightening led to the subsequent cooling in Canadas economic and housing market conditions and house prices declining. With sales declining and new listings rising, the national sales-to-new listings ratio cooled further and significantly from December to January, declining from 56.5% to 49.3% over this period. This indicator of market pressures is now below the mid-point of our estimated balanced conditions zone (of between 44.7% to 66.1%). Another indicator of national market pressures, months of inventory, also eased from December to January, increasing from 3.9 to 4.2 months over this period nationally, but was still below its long-term pre-pandemic average of 5.2 months. All provinces witnessed an increase in their months of inventory from December to January, except for Saskatchewan where it was unchanged and for Newfoundland and Labrador where it declined (from 5.5 to 4.3 months). https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-news-flash.february-18--2025.html

On average, the cost of finding love can add up to $3,621 One third of couples say spending is a source of conflict in the relationship A special Valentines Day report from the BMO Real Financial Progress Index reveals 56% of Canadians say the rising cost of living is affecting dating, with many going on fewer dates and/or planning less expensive dating activities. The survey explores how concerns about the economy and personal finances have affected approaches to dating and relationships and found 42% of single Canadians admitted to adjusting their plans for a date for financial reasons. Nearly a third (30%) of single Canadians have cancelled a date to save money. Canadians on average spend $173 for each date, including the cost for transportation, preparation such as grooming and attire, and expenses such as food, beverages and tickets. On average, partnered Canadians have gone on 10 to 21 dates before committing to a relationship, suggesting Canadians could spend up to $3,621 on dates before making a relationship official. https://newsroom.bmo.com/2025-02-06-BMO-Survey-Rising-Cost-of-Living-is-Affecting-Dating

From CMHC High housing costs burden Canadians in many ways. Here, we concentrate on how these costs discourage Canadians from moving to better places to live and to the cities where they would like to work. Improving affordability will hence boost the productivity of Canadas economy. When choosing where to live and work, Canadians not only look at the wage increase they might get. They must be realistic about housing costs if they have to move to a new location. And they may give up on opportunities given by a new job that improves their skills and knowledge and hence the productivity of the country if they cant afford to cover the cost of housing after moving. Similarly, employers must pay more to attract highly skilled workers to their locations to cover those workers higher cost of living. This raises costs and lowers productivity. Changes in housing affordability across the country lead to knock-on changes for other cities. For example, our modelling suggests that were Toronto to double its housing starts over the next decade to address its own affordability challenges but without policy changes its population would be 3% greater than currently projected. Others, mostly from the rest of Ontario, would be attracted there. More generally, we find that a 1% increase in house prices in the destination city will make it less attractive and will lead to a decline in the number of people moving there of a little more than 1%. Cities need to understand the impacts of house prices across the country when planning for their own growth. https://www.cmhc-schl.gc.ca/blog/2025/high-housing-costs-making-harder-move-jobs-many-seeking

From CMHC Highlights Foreign trade risks and immigration changes add significant uncertainty to the outlook. We expect economic activity to be modest in 2025, picking up in 2026 and 2027. Housing starts will slow down from 2025 to 2027 mainly due to fewer condominium apartments being built but total starts will remain above their 10-year average. Rental apartment construction will remain high but may slow in 2027 as demand eases. Ground-oriented homes (detached, semi-detached, row homes) may recover slightly, especially in more affordable options like row houses. We expect housing sales and prices to rebound as lower mortgage rates and changes to mortgage rules unlock pent-up demand in the short term. In the longer term, stronger economic fundamentals will support this rebound. The recovery will be uneven, with slower progress in less affordable regions and in the condominium apartment market. Rental markets are expected to ease with higher vacancy rates slowing rent growth. Renter affordability will improve gradually, with more noticeable changes happening later in the forecast period. https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook?utm_medium=emailutm_source=email-e-blastutm_campaign=2025-01-housing_market_outlook_2025