Canadian Housing - Macro

Looking at the trends forming on housing we are in a situation for continued de-acceleration. Now this is a big claim, but the headwinds from interest rates rising and the closing window of foreign from China are causing issues. We do however have some tailwinds at entry-level housing with a larger-than-normal immigration policy.

I expect weakness in the commuter areas and strength in the downtown condo/towns market and we will likely be neutral detached homes in the metro areas.