{"id":68896,"date":"2026-01-20T12:58:46","date_gmt":"2026-01-20T12:58:46","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2026\/01\/20\/posthaste-these-three-provinces-are-bucking-canadas-housing-downturn\/"},"modified":"2026-01-20T12:58:46","modified_gmt":"2026-01-20T12:58:46","slug":"posthaste-these-three-provinces-are-bucking-canadas-housing-downturn","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2026\/01\/20\/posthaste-these-three-provinces-are-bucking-canadas-housing-downturn\/","title":{"rendered":"Posthaste: These three provinces are bucking Canada&#039;s housing downturn"},"content":{"rendered":"<p> \n<br \/><br \/>\n<iframe loading=\"lazy\" title=\"Condo space is in deep recession: Benjamin Tal\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/BvrcaXQS1Rs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<\/iframe><br \/>\n<img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg\" title=\"\" \/><\/p>\n<p> Canada\u2019s <\/p>\n<p>                        housing market<\/p>\n<p>                         slouched into 2026, and economists aren\u2019t overly enthusiastic the pace will pick up much in the new year. <\/p>\n<p> Ongoing economic uncertainty from trade disputes with U.S. President <\/p>\n<p>                        Donald Trump<\/p>\n<p>                        , slowing population growth and little hope of further <\/p>\n<p>                        interest rate relief<\/p>\n<p>                         are all expected to continue to weigh on the housing market, which ended 2025 with sales and prices down around four per cent. <\/p>\n<p> Ontario stood out as the weakest market in Canada, with average home prices falling the most of any region in the country, <\/p>\n<p>                        said Rishi Sondhi<\/p>\n<p>                        , an economist with <\/p>\n<p>                        Toronto Dominion Bank.\u00a0 <\/p>\n<p> Toronto condo prices<\/p>\n<p>                         have now lost almost all of their pandemic gains after nine straight quarters of decline, he said. <\/p>\n<p> British Columbia was almost as bad with sales down six per cent for the year and prices down three per cent. Vancouver\u2019s showing was worse, with sales and prices falling four and 10 per cent, respectively. <\/p>\n<p> But though these two housing markets are large and hold sway over the national numbers, they are far from the whole story of Canada\u2019s housing market, said economists. <\/p>\n<p> \u201cRegional divergences was the real story,\u201d <\/p>\n<p>                        said Robert Hogue<\/p>\n<p>                        , assistant chief economist at <\/p>\n<p>                        Royal Bank of Canada.<\/p>\n<p>                         \u201cWeakness has been concentrated in Ontario and B.C., while other parts of the country held up relatively better.\u201d <\/p>\n<p> Some exceptionally well. <\/p>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2026\/01\/home-prices-0120-ph.jpg\" title=\"\" \/><\/p>\n<p> According to TD, the performance of Newfoundland and Labrador\u2019s housing market has been \u201cremarkable,\u201d with price growth last year beating the national average by the largest margin since the Global Financial Crisis. For the second straight year, the province posted nearly double-digit price growth. <\/p>\n<p> Unlike some regions of the country, Newfoundland and Labrador has avoided the worst impacts of Trump\u2019s trade war because much of its main export, oil, goes to Europe, said Sondhi. The economy has been solid, the homes affordable and sales healthy, supporting this nation-beating trend. <\/p>\n<p> TD expects the province\u2019s economy to cool in the coming year, but \u201ctight near-term supply\/demand balances and very favourable affordability should keep quarterly price growth above-trend.\u201d <\/p>\n<p> Saskatchewan is also one of the hottest real estate markets in the country with average home prices rising nine per cent in 2025. Firm job growth, a comparatively strong economy and more affordable homes have supported the market. <\/p>\n<p> \u201cWith Saskatchewan\u2019s economy set to gear-down but outperform Canada\u2019s again this year, we see home price growth slowing but remaining solid,\u201d said Sondhi. <\/p>\n<p> Then there is <\/p>\n<p>                        Quebec, specifically Quebec City<\/p>\n<p>                        . Price gains in the capital city of this province hit a whopping 17 per cent in 2025, with other regions of the province also showing healthy advances. <\/p>\n<p> Surprisingly, considering its exposure to the trade war, consumer confidence remains high in Quebec, said Sondhi. Elevated household savings rates also likely helped with down payments. Though there has been an uptick in home building, much of it has been for purpose-built rentals, keeping the home ownership market tight. <\/p>\n<p> However, forecasters expect price growth to slow considerably over the coming year as higher prices discourage buyers. <\/p>\n<p> \u201cRapid price appreciation in markets like Quebec City may be creating headwinds,\u201d said Hogue. \u201cResales have weakened considerably in recent months as the pace of price gains materially erodes affordability.\u201d <\/p>\n<p> Toronto Dominion expects pent-up demand to drive a \u201cmodest, gradual recovery\u201d in Canada\u2019s housing market later this year, assuming trade negotiations and geopolitical tensions don\u2019t further stoke anxiety over the economy. <\/p>\n<p> \u201cIn terms of risks to the outlook, on the upside we must be mindful that housing activity has had some tendency to surprise expectations to the upside in the past, which is certainly possible given large pent-up demand in key markets,\u201d said Sondhi. <\/p>\n<hr \/>\n<p> <em><strong>\u00a0Sign up here to get Posthaste delivered straight to your inbox.<\/strong><\/em> <\/p>\n<hr \/>\n<p> <strong><br \/> <img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-1758646\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_leading.png\" width=\"838\" \/><\/strong> <\/p>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2026\/01\/inflation-dec.-2025.jpg\" title=\"\" \/><\/p>\n<p> Economists were divided Monday about the <\/p>\n<p>                        Bank of Canada\u2019s<\/p>\n<p>                         next move after <\/p>\n<p>                        headline inflation accelerated<\/p>\n<p>                         more than expected in December, but core measures eased. <\/p>\n<p> The <\/p>\n<p>                        inflation rate<\/p>\n<p>                         rose to 2.4 per cent in December, up from 2.2 per cent the month before. Core data, however, broadly eased. <\/p>\n<p> \u201cThere is no case here for the Bank of Canada to even think about raising rates,\u201d said David Rosenberg, founder of Rosenberg Research &amp; Associates Inc., in a note. <\/p>\n<p> Others found the possibility of a rate cut also unlikely. <\/p>\n<p> \u201cIt would take a serious deterioration in the economy and some further signs of core inflation decelerating to again open the door for renewed policy easing \u2014 we\u2019re simply not there yet,\u201d said BMO Capital Markets chief economist Douglas Porter. <\/p>\n<p> After the data, markets odds of a Bank of Canada hike by the end of year fell from 80 per cent to 43 per cent. <\/p>\n<hr \/>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/07\/subhead-1.jpg\" title=\"\"><\/p>\n<ul>\n<li>Prime Minister Mark Carney will give a keynote speech today at the World Economic Forum in Davos, Switzerland on the emerging new world order and how Canada plans to deal with it.<\/li>\n<li>Empire Club of Canada hosts Financial Outlook 2026: Navigating What\u2019s Next for the Canadian and Global Economies, in Toronto, featuring RBC chief economist Frances Donald and TMX Group CEO John McKenzie<\/li>\n<li><strong>Earnings:<\/strong> Netflix Inc., United Airlines Holdings Inc., U.S. Bancorp, 3M Co.<\/li>\n<\/ul>\n<hr \/>\n<p> <strong><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080180\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_marketsam.jpeg\" width=\"838\" \/><\/strong> <\/p>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2026\/01\/chart-0120.jpg\" title=\"\" \/><\/p>\n<p> \u00a0 <\/p>\n<figure class=\"embedded-image\"><\/figure>\n<hr \/>\n<p> <strong><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080181\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_reads.jpeg\" width=\"838\" \/><\/strong> <\/p>\n<ul>\n<li>Hole left by Hudson\u2019s Bay\u2019s demise will be hard to fill<\/li>\n<li>Canadian investors: Is your portfolio up to a new world order?<\/li>\n<li>Artificial intelligence blame for video-game industry layoffs may be misguided<\/li>\n<\/ul>\n<p> <img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-2059284\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/subhead_personal_finance_2.png\" width=\"838\" \/> <\/p>\n<p> Kelley Keehn, chief executive of the Money Wise Institute, speaks with Financial Post\u2019s Larysa Harapyn about Keehn\u2019s new book, Save Your Self, which dives into the concept of \u201cmoney identity\u201d and how that drives our decisions about personal finances. <\/p>\n<p>                        Watch the video <\/p>\n<hr \/>\n<p> <span><\/span><br \/>\n<img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/11\/FP-West-Energy-Insider-Logo.png\" title=\"\" \/><\/p>\n<p>                         Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on\u00a0 one of the country\u2019s most important sectors. <\/p>\n<p>                        Sign up here. <\/p>\n<hr \/>\n<div class=\"x_elementToProof\"><span>Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at\u00a0<\/span>wealth@postmedia.com<span><\/span><span>\u00a0with your contact info and the gist of your problem and we\u2019ll find some experts to help you out while writing a Family Finance story about it (we\u2019ll keep your name out of it, of course).<\/span><\/div>\n<hr \/>\n<h2>McLister on mortgages<\/h2>\n<p> Want to learn more about mortgages? Mortgage strategist Robert McLister\u2019s <\/p>\n<p>                        Financial Post column <\/p>\n<p>                        can help navigate the complex sector, from the latest trends to financing opportunities you won\u2019t want to miss. Plus check his <\/p>\n<p>                        mortgage rate page<\/p>\n<p>                         for Canada\u2019s lowest national mortgage rates, updated daily. <\/p>\n<hr \/>\n<h2>Financial Post on YouTube<\/h2>\n<p> Visit the Financial Post\u2019s <\/p>\n<p>                        YouTube channel<\/p>\n<p>                         for interviews with Canada\u2019s leading experts in business, economics, housing, the energy sector and more. <\/p>\n<hr \/>\n<p> <em>Today\u2019s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.<\/em> <\/p>\n<p> Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at\u00a0<\/p>\n<p>                        posthaste@postmedia.com<\/p>\n<p>                        . <\/p>\n<hr \/>\n<ul class=\"related_links\">\n<li>Mortgage borrowers who held out for lower rates are paying the price<\/li>\n<li>Here&#8217;s where home prices plunged the most in tough year for Canada&#8217;s housing market<\/li>\n<\/ul>\n<p> <em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add\u00a0financialpost.com\u00a0to your bookmarks and sign up for our newsletters here<\/em> <\/p>\n<p><\/img><br \/>\n<br \/>\n<br \/>Posthaste: These three provinces are bucking Canada&#039;s housing downturn<\/a><br \/>\n<br \/>2026-01-20 12:58:46<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s housing market slouched into 2026, and economists aren\u2019t overly enthusiastic the pace will pick up much in the new year. Ongoing economic uncertainty from trade disputes with U.S. President&#8230;<\/p>\n","protected":false},"author":2,"featured_media":68897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-68896","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/68896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=68896"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/68896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/68897"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=68896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=68896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=68896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}