Canada’s housing market is “cracking” under the weight of U.S. President Donald Trump’s trade war, with housing resales down in markets across the country, a new report said.
The Royal Bank of Canada report looked at the data from the MLS Home Price Index, which is essentially the median price of a house in a market.
The sharpest pullback in people getting into the housing markets has been in southern Ontario and British Columbia, RBC economist Robert Hogue said.
The pressure from Trump’s trade war is keeping buyers from making a big financial commitment, such as buying a house.
“The trade war is taking an increasing toll on Canada’s housing markets as potential economic fallout weighs heavily on the minds of prospective homebuyers,” Hogue said in his report.
Home prices have been falling and inventories rising as houses go unsold in Vancouver, B.C.’s Fraser Valley and Toronto, putting buyers in …