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Canada's Housing Market: Subdued Outlook Amid Trade Tensions

2/11/2026

Summary

Story summary

The Canada Mortgage and Housing Corporation (CMHC) projects Canada’s housing market will be subdued in 2026 due to uncertainty from trade tensions and U.S. tariffs.
Demand will remain below historical norms as high costs and job uncertainty keep buyers sidelined.
Housing starts will decline through 2028 as developers shift from condominiums to rental units.
CMHC anticipates a temporary rise in 2026 home sales, especially in Ontario and British Columbia.

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Story summary

The Canada Mortgage and Housing Corporation (CMHC) projects Canada’s housing market will be subdued in 2026 due to uncertainty from trade tensions and U.S. tariffs.
Demand will remain below historical norms as high costs and job uncertainty keep buyers sidelined.
Housing starts will decline through 2028 as developers shift from condominiums to rental units.
CMHC anticipates a temporary rise in 2026 home sales, especially in Ontario and British Columbia.