The Canadian Real Estate Association (CREA) has further lowered its forecast for national home sales this year, signaling that the housing market remains under pressure despite localized pockets of activity.
The industry group stated that a modest uptick in transaction volumes in Ontario is insufficient to counterbalance significant declines in other major regions of the country.
This downward revision underscores the fragmented nature of the current Canadian housing landscape.
While Ontario, home to the nation's largest population centers, has seen a slight stabilization in demand, other provinces continue to grapple with affordability constraints and higher borrowing costs.
The divergence suggests that national aggregates may mask deeper regional disparities, complicating the outlook for lenders and developers who rely on uniform growth assumptions.
The downgrade comes amid mixed signals from other market participants.