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CMHC Just Cut Its Housing Forecast — What It Means If You're Buying, Selling, or Renewing

  Published July 28, 2026 Canada Mortgage and Housing Corporation quietly downgraded its outlook for the rest of 2026 last week, and the new numbers are worth a look no matter which side of the housing market you're standing on. The federal housing agency's Summer 2026 update now calls for slower growth, softer home prices, fewer new builds and continued easing in rental markets right through the end of the year — with a split that leaves Ontario and B.C. looking a lot different from the Prairies and Quebec. Here's what's actually in the update, and what it means for your specific situation. What CMHC changed The agency's baseline call for 2026 is a Canadian economy growing at just 0.7%, with high borrowing costs, weak population growth and cautious buyers keeping a lid on demand even as affordability has technically improved. The practical result, nationally: Housing starts are expected to fall to about 241,400 units this year, down from 259,028 in 2025 Resale acti...
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IRS to Lay Off 6,700 Employees Amid Tax Season

The U.S. Internal Revenue Service (IRS) is set to lay off approximately 6,700 employees this Thursday, according to a source familiar with the matter. This significant reduction in workforce comes as part of a broader federal government directive aimed at reducing bureaucracy, spearheaded by President Donald Trump and Elon Musk.

The employees affected by the layoffs are primarily probationary workers who have been with the agency for less than one to two years. These workers typically have fewer job protections compared to their longer-term counterparts. The IRS has a total of roughly 17,000 probationary employees.

The timing of these layoffs is particularly challenging, as it coincides with the critical tax-filing season. The IRS remains busy processing returns and refunds for taxpayers well beyond the April 15 filing deadline. Concerns have been raised about the potential strain on the agency's resources and its ability to manage the substantial workload during this period.

Despite the layoffs, around 6,600 probationary IRS employees will be retained to work through the tax-filing season. The IRS has taken a more measured approach compared to other federal agencies, ensuring that essential operations continue during this crucial time.

The broader federal workforce reduction directive has impacted various agencies, with the Office of Personnel Management overseeing the dismissal of probationary employees across the government. The IRS's approach highlights the delicate balance between reducing bureaucracy and maintaining essential services for taxpayers.


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