{"id":75884,"date":"2026-07-16T12:06:45","date_gmt":"2026-07-16T12:06:45","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2026\/07\/16\/posthaste-canadas-historic-housing-market-meltdown-may-finally-have-hit-bottom\/"},"modified":"2026-07-16T12:06:45","modified_gmt":"2026-07-16T12:06:45","slug":"posthaste-canadas-historic-housing-market-meltdown-may-finally-have-hit-bottom","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2026\/07\/16\/posthaste-canadas-historic-housing-market-meltdown-may-finally-have-hit-bottom\/","title":{"rendered":"Posthaste: Canada&#039;s historic housing market meltdown may finally have hit bottom"},"content":{"rendered":"<p> \n<br \/><iframe loading=\"lazy\" title=\"New Fed chair &amp;apos;wildcard&amp;apos; for mortgage borrowers\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/MKi8rbvhd-s?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><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> Four years into one of the deepest housing corrections in Canada\u2019s history, there are signs the market may be hitting bottom. <\/p>\n<p> National figures out yesterday from the Canadian Real Estate Association suggest sales, new listings and prices have all stabilized, said Robert Kavcic, senior economist at BMO Capital Markets. <\/p>\n<p> \u201cDon\u2019t be surprised if we\u2019re seeing the low for nominal Canadian home prices right now,\u201d he said in a note Wednesday. <\/p>\n<p> National home sales rose 0.5 per cent in June from the month before, the third straight month of gains. New listings fell for the second straight month, narrowing the gap between buyer demand and new supply. <\/p>\n<p> The national composite MLS home price index was unchanged from the month before, but that in itself is good news. For the first time in 17 months it did not decline. <\/p>\n<p> \u201cStepping back, inflation-adjusted Canadian home prices suggest the necessary froth cleaning is more or less done,\u201d said Kavcic. <\/p>\n<p> There was a lot of froth to clear. <\/p>\n<p> Canadian home prices soared around the pandemic when borrowing costs were low and demand high, but since the market peak in 2022 have dropped about 20 per cent. <\/p>\n<p> Earlier this year the Bank for International Settlements said Canada\u2019s housing downturn following the boom was the worst among advanced nations. <\/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\/07\/home-prices-0716-ph.jpg\" title=\"\" \/><\/p>\n<p> Robert Hogue , assistant chief economist at Royal Bank of Canada, said stabilizing inventory, especially in the hardest-hit provinces Ontario and British Columbia, where listings reached decades highs last year, is paving the way for ending the price correction. <\/p>\n<p> With more buyers and fewer sellers, balance is returning to negotiations in parts of Southwestern Ontario, including the Greater Toronto Area. <\/p>\n<p> For the first time in more than a year, the home price index in the GTA, Hamilton, Kitchener-Waterloo and Windsor recorded small monthly gains, he said. <\/p>\n<p> The index is also steadying in Vancouver and rising slightly in the Okanagan Valley, though the correction in the Fraser Valley continues. <\/p>\n<p> Calgary home prices appear to be \u201cturning a corner,\u201d with the home price index up for the second time in three months. <\/p>\n<p> \u201cThe emerging market recovery in Canada appears to be holding \u2014 albeit just barely,\u201d said Hogue. <\/p>\n<p> Though June extended the winning streak, sales in the month were still 12 per cent below the 10-year average. <\/p>\n<p> \u201cThere\u2019s a long road ahead in the recovery,\u201d he said. <\/p>\n<hr \/>\n<p> <em><strong>Sign 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\/07\/alberta-jobs-0716-ph.jpg\" title=\"\" \/><\/p>\n<p> Help is definitely wanted in Alberta. <\/p>\n<p> Astonishingly, the province has accounted for most of Canada\u2019s net job growth since the end of 2024, according to Robert Kavcic, senior economist for BMO Capital Markets, who brings us today\u2019s chart. <\/p>\n<p> Over the past year, employment rose more than 3 per cent, or 78,000 jobs, while employment in the rest of Canada grew just 0.4 per cent. Most of the jobs were not even directly in the oil and gas industry. <\/p>\n<p> The reason for Alberta\u2019s job boom? Kavcic said a stronger economy, less exposure to U.S. tariffs and more people moving to the province from within Canada and abroad explains the outperformance. <\/p>\n<p> <em>Read: Nearly 80% of Canada\u2019s job gains in the past year were in this province<\/em> <\/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><strong>Today\u2019s Data:<\/strong> Canada housing starts, United States retail sales, pending home sales, NAHB Housing Market Index<\/li>\n<li><strong>Earnings:<\/strong> Netflix Inc., General Electric Co., Kinder Morgan Inc., US Bancorp, Abbott Laboratories<\/li>\n<\/ul>\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\/2026\/02\/banner.jpg\" title=\"\" \/><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\/07\/chart-0716-ph.jpg\" title=\"\" \/><\/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>Bank of Canada holds interest rate at 2.25% for sixth meeting in a row<\/li>\n<li>Who stands to benefit from Alberta\u2019s West Coast pipeline?<\/li>\n<li>Garry Marr: Your new government neighbour and how it might affect the value of your condo<\/li>\n<\/ul>\n<hr \/>\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> Valeria is 53, single, and wants to retire in two years. She is debt free, owns her Nova Scotia home and has built an investment portfolio worth just over $1 million. Her target monthly income in retirement is $4,500 before tax \u2014 similar to her current monthly cash flow needs. Is this realistic? Family Finance crunches the numbers <\/p>\n<hr \/>\n<p> <span><\/span><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=\"\" \/> Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country\u2019s most important sectors. 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 <\/span>wealth@postmedia.com<span><\/span><span> with 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 Financial Post column  can help navigate the complex sector, from the latest trends to financing opportunities you won\u2019t want to miss. Plus check his mortgage rate page 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 YouTube channel 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 and Bloomberg.<\/em> <\/p>\n<p> Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com . <\/p>\n<hr \/>\n<ul class=\"related_links\">\n<li>Canada&#8217;s biggest city plummeted in this North American ranking \u2014 in just one year<\/li>\n<li>Canadians getting caught in &#8216;pre-spent paycheque&#8217; trap as cost of living weighs<\/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 financialpost.com to your bookmarks and sign up for our newsletters here<\/em> <\/p>\n<p><\/img><br \/>\n<br \/>\n<br \/>Posthaste: Canada&#039;s historic housing market meltdown may finally have hit bottom<\/a><br \/>\n<br \/>2026-07-16 12:06:45<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Four years into one of the deepest housing corrections in Canada\u2019s history, there are signs the market may be hitting bottom. National figures out yesterday from the Canadian Real Estate&#8230;<\/p>\n","protected":false},"author":2,"featured_media":75885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-75884","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/75884","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=75884"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/75884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/75885"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=75884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=75884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=75884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}