Canada's housing market declines amid trade war uncertainty

The ongoing trade war is impacting the housing market, creating challenges for both buyers and sellers. Sales of resale homes in Canada dropped significantly in February. They were down 10.4 percent from a year ago and down 9.8 percent from January. These decreases are the largest seen in almost three years. The economic uncertainty caused by the trade war is leading many buyers to hesitate. As a result, average home prices fell by 3.3 percent over the past year, now averaging $668,097. Some cities still have strong housing markets, especially in more affordable regions like the West and Atlantic provinces. However, potential buyers may wait longer before making a purchase, as job security becomes a concern. For first-time buyers, the current price drops could present a rare opportunity. Those looking to sell, on the other hand, may want to hold off if possible, as they might face lower offers for their homes due to decreased demand. Overall, the trade war's effects on the economy are reshaping the housing market, influencing decisions for both buyers and sellers.