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Global News
5 days ago
- Business
- Global News
Canadian home prices could drop 2% from Trump trade war, CMHC says
U.S. President Donald Trump's trade war will continue to hit Canada's housing market, with a recovery in prices unlikely until 2026, a new report from the Canada Mortgage and Housing Corporation said on Thursday. 'Canada's housing market will continue to cool in 2025 due to trade tensions, economic uncertainty, slower population growth and increasing unemployment. Home prices are expected to fall around 2%,' the CMHC's summer housing market outlook said. The largest drops in home prices will be in Ontario and British Columbia, which are both home to some of Canada's most expensive housing markets. 'Trade tensions and slower population growth are contributing to a likely modest recession in 2025, dampening business and consumer confidence and slowing housing activity,' the report said. Homebuyers and developers alike will continue to take the 'wait-and-see' approach to the housing market amid the impact of the tariffs and economic uncertainty, it added. Story continues below advertisement 'Affordability remains a major issue and new construction is slowing. Rental markets are easing slightly as more supply comes online and demand softens,' the report said. 4:11 Liberal minister jokes Conservatives are confused by the words 'affordable' and 'housing' together What will happen next year? The housing market is likely to remain cool for the rest of 2025, the report predicted. A gradual recovery is only expected to begin by 2026. Story continues below advertisement The CMHC said the negative impact from trade tariffs will 'peak in the second half of 2025' but will begin to abate by 2026, along with the Canadian GDP. During this time, Canada's housing market will remain in a 'period of adjustment.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'We expect conditions to stabilize more in 2026 as trade tensions ease, mortgage rates moderate and demand slowly recovers. As the economic environment improves, the housing market should gradually return to a more balanced trajectory,' the report said. Canada started building slightly more homes in June than it did in May, the CMHC said in a report last week. Compared with May, the annual rate of housing starts was largely flat, with a 0.4 per cent increase, but it rose 14 per cent compared with this time last year.
Hamilton Spectator
5 days ago
- Business
- Hamilton Spectator
Calgary outpaces housing unit target, secures funding boost from feds
Dollars to doors was how Mayor Jyoti Gondek has described multiple government-funded housing projects that are ahead of schedule in Calgary. The federal government awarded the City $228.5 million through the Housing Accelerator Fund (HAF) in 2023, and the City of Calgary set out to incentivize 43,000 new housing units built by Oct. 2026. That goal was exceeded by the city in June, a year and a half ahead of schedule. 'In just 20 months, the city has already incentivized the delivery of more than 44,000 units, achieving 104 per cent of our goal,' said City of Calgary Chief of Housing, Reid Hendry. Hendry said that because of the city's quick action in utilizing the funds, the Canada Mortgage and Housing Corporation provided an additional $22.8 million in March to further encourage housing supply growth in Calgary. According to Hendry, the city has achieved 103 per cent of its multi-unit target and 152 per cent of its multi-unit near transit target. The city is also on track to achieve targets related to missing middle housing—semi-detached, row, townhouse housing—and affordable non-market housing. Hendry said that $53 million from HAF has gone towards 6,000 secondary suites, $52.5 million for 700 homes created through the office-to-residential conversions and non-market land sale program, and $29 million for 400 non-market homes. The announcement of the success of the HAF funding was made at 11 Haddon Road SW, next to the Heritage LRT Station. 'In fact, this parcel of land behind me was sold to a non-profit cal led Liberty Housing, and they will be developing this site into nearly 200 units of non-market housing thanks to both the non-market land sale program and the half investment from our federal government partners,' said Hendry. Calgary Confederation MP Corey Hogan said that since its announcement in 2023, HAF funding in Calgary has been put into the right places. 'Calgary has been bold and decisive in its commitment to get housing built for those who need it, from streamlining approvals to investing in transit-oriented and downtown development, Calgary has more than answered the call,' he said. Hogan said that, admittedly, he was biased, but that cities across Canada could learn from Calgary in many ways, including the construction of housing. Addressing a long-standing claim from critics of upzoning, Mayor Gondek said that the HAF funding provided by the Government of Canada was not tied to rezoning occurring in Calgary. 'There was no stipulation that we had to pass any type of rezoning; there was none,' she said 'What we chose to do when it comes to rezoning is something that council took on on its own. So, the funding that you see with the Housing Accelerator Fund was not tied to that. The announcement that came from the federal government about that came later, after we received our funding.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Cision Canada
5 days ago
- Business
- Cision Canada
CMHC releases Summer Forecast Update Français
OTTAWA, ON, July 24, 2025 /CNW/ - Today, Canada Mortgage and Housing Corporation (CMHC) released a Summer Forecast Update. This forecast builds on CMHC's previously released Housing Market Outlook, published in February 2025. Read the full update on the CMHC's Housing Observer. Follow us on LinkedIn, YouTube, Instagram, X (formerly Twitter), and Facebook.
Calgary Herald
6 days ago
- Business
- Calgary Herald
With federal funding, city says it will exceed its goal of 42,000 new housing units by next year
A partnership with the federal government will see new homes for 100,000 Calgarians, as the City of Calgary announced Wednesday that it has blown past housing benchmarks set with the Housing Accelerator Fund. Article content The original target set alongside the Canada Mortgage and Housing Corporation aimed for just under 42,000 new housing units under way by fall of 2026. That target was later revised to 42,667 new units. Article content Article content Article content Since receiving the $228.5 million investment in October 2023, the city says it has incentivized 44,276 new units — 104 per cent of the revised targets — more than a year ahead of schedule. Article content Article content 'At the time, there's a lot of people who wondered if that target was maybe too ambitious. Today, I'm proud to stand here and say not only have we met the target, we have exceeded it more than a year ahead of schedule,' said Mayor Jyoti Gondek, speaking about the targets at the site of development recently approved through the fund. Article content 'These are futures that are made possible. It's a powerful reminder of what happens when different orders of government come together, where we collaborate, great things can happen, and that when we put funding in the hands of municipalities, we take action,' Gondek said. Article content In March, Calgary was awarded an additional $22.8 million, thanks to 'high performance under the HAF program thus far.' Article content Article content That funding will feed into two new initiatives, Backyard Suites and Accessory Dwellings Program, and the Downtown Complete Community Housing Program. The former will assist homeowners in developing secondary dwellings on their property, referred to by Gondek as a 'gentle density' initiative. Article content The latter includes several goals, namely the conversion of downtown office space into housing. Article content Housing targets in the program were further broken down by housing type. Reid Hendry, chief housing officer of the City of Calgary, said 'to date we've achieved 103 per cent of our multi-unit target and 152 per cent of our multi-unit near transit target.' Article content The targets for non-market housing are lagging behind the other two success stories, although the city says that those housing types are still on track for the original goalposts. The aim of non-market units sets at 746. 'To the end of June 2025, we're now at 301,' Hendry said.
Global News
6 days ago
- Business
- Global News
Nova Scotia must double housing starts to restore pre-COVID affordability: report
See more sharing options Send this page to someone via email Share this item on Twitter Share this item via WhatsApp Share this item on Facebook Canada's national housing agency says Nova Scotia must double the number of annual residential construction starts in the province for 10 years to reach pre-pandemic affordability levels. Lukas Jasmin-Tucci, an economist with Canada Mortgage and Housing Corporation, says Nova Scotia should aim to hit 12,540 housing starts a year. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Jasmin-Tucci says housing projects have not kept up with the rapid population growth Nova Scotia has experienced over the past five years. The agency estimates the province is on track in 2025 to hit about 5,450 housing starts, which refer to the beginning of construction on a new residential home or building. Colton LeBlanc, Nova Scotia's minister of growth and development, says doubling the rate of new housing projects is achievable. LeBlanc says the province needs collaboration from municipalities and Ottawa to ramp up residential development and make homes more affordable. Story continues below advertisement This report by The Canadian Press was first published July 23, 2025.
