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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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Canada's Job Market Stumbles in July: Youth Hit Hardest

 

Canada’s labour market took a step back in July, shedding approximately 41,000 jobs, according to Statistics Canada. Despite the decline, the national unemployment rate held steady at 6.9%, suggesting that the number of job seekers remained relatively unchanged.

The losses were concentrated in full-time positions and the private sector, with young Canadians aged 15 to 24 bearing the brunt—losing 34,000 jobs amid a challenging summer employment landscape. This marks the lowest youth employment rate since the late 1990s, excluding pandemic years.

Sector-wise, the information, culture, and recreation industries led the downturn, followed by construction. However, there were bright spots: the manufacturing sector posted modest gains for the second consecutive month, and transportation and warehousing added 26,000 jobs—their first increase since January.

Regionally, Alberta and British Columbia saw notable declines, while Saskatchewan bucked the trend with a modest gain and the lowest unemployment rate in the country at 5.0%.

Despite the job losses, average hourly wages rose 3.3% year-over-year to $36.16, offering a silver lining for those still employed.


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