The Canadian Real Estate Association recently rated the national housing market as only moderately vulnerable for the first time in over two years. The national House Price Index (HPI) declined by 0.5 per cent in March, its biggest decline since 2009. But there were wide variances across the country. The HPI was up by more than five per cent on Vancouver Island, in Montreal, and in the Ontario markets of Ottawa, Guelph and the Niagara area. Conversely, it fell by more than five per cent in Greater Vancouver, in British Columbia's Lower Mainland and Barrie, Ont. Patrick Perrier, deputy chief economist, said the report is good news for Canadians. "What we want is a soft landing rather than a crash landing."
Sources:
https://www.cbc.ca/news/business/crea-house-price-march-1.5098120
https://www.cbc.ca/news/business/cmhc-housing-vulnerability-market-assessment-1.5119932
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