8legs: Canadian real estate association

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#1 out of 2

Ontario submarkets show steep price corrections with CREA data indicating declines in 14 areas since the peak.
Oakville-Milton area exhibits one of the deepest corrections in dollar terms.
A median home in Oakville-Milton could be $526,900 cheaper than in 2022.
Northumberland Hills shows notable price declines amid rural market shifts.
Hamilton-area prices fell about 26% from 2022 levels in some submarkets.
Sellers report adjusting expectations as high prices gave way to lower market demand.
Market dynamics show ongoing price corrections across both urban and rural Ontario.
The Globe and Mail tracks CREA data monthly to identify shifting submarket performances.
Researchers note a potential 30% price correction as a possible good average for some areas.
Overall, the market shows a contrast between high past prices and current lower offers.

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#2 out of 2

CREA downgraded its 2026 housing forecast after a spike in fixed mortgage rates and weaker first-quarter sales.
Oil shocks and Middle East tensions influenced the forecast as inflation spiked and bond yields rose.
CREA still expects the national average price to rise about 1.5% in 2026 despite the downgrade.
Regional differences persist, with prices still down year over year in B.C., Alberta, and Ontario.
The report notes potential upside if the oil shock is short-lived.
CREA maintained a cautious outlook for 2026 despite some gains expected in certain provinces.
CREA cited higher mortgage costs as a factor in slower activity, noting March conditions.
The data show the MLS Home Price Index declined for 16 consecutive months through March.
CREA reported 167,524 properties were listed for sale at the end of March.
CREA’s price forecast could shift if oil shock is resolved quickly.
The report reflects Canadian housing market conditions amid global uncertainties.

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