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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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Inferno in Victoria: ‘Catastrophic’ Fire Danger Triggers Mass Evacuations

 

Amid temperatures that exceeded 40 degrees Celsius (104 degrees Fahrenheit) in parts of the state, two large bushfires were raging near the towns of Longwood and Walwa.


Bushfires are sweeping through southeastern Australia as authorities issue a rare “catastrophic” fire danger warning, urging residents to leave immediately ahead of worsening conditions.

Fires Intensify Across the Region

Two major blazes are burning in Victoria, including a fast‑moving fire near Longwood and another near Walwa that has grown large enough to generate its own weather patterns. Several structures have already been lost, and emergency crews warn that containment lines may not hold as temperatures climb and winds strengthen.

Highest-Level Warning

Officials have declared “catastrophic” fire danger for Friday — the most severe rating available. Under these conditions, fires can become uncontrollable within minutes, leaving little time for evacuation or defense.

Communities Told to Leave

Residents in multiple towns have been ordered to evacuate early, with authorities stressing that waiting could be deadly. Schools in high‑risk areas are closing, and additional firefighting teams are being deployed to reinforce vulnerable zones.

Heatwave Fuels the Crisis

A severe heatwave is gripping the region, drying out vegetation and creating ideal conditions for rapid fire spread. Meteorologists warn that the extreme heat may persist, prolonging the danger and complicating firefighting efforts.

As the situation evolves, emergency services continue to urge vigilance, early evacuation, and close monitoring of official alerts.


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