Canadian Housing Stalls in July as Trump’s 50% Tariff Threat Revives Buyer Uncertainty
Updated
Updated · Mortgage Professional · Aug 7
Canadian Housing Stalls in July as Trump’s 50% Tariff Threat Revives Buyer Uncertainty
3 articles · Updated · Mortgage Professional · Aug 7
Summary
Toronto home sales fell year over year for the first time in five months in July, while Vancouver sales dropped nearly 10%, erasing most of June’s rebound and signaling a broader summer stall.
Trump’s threat to impose 50% tariffs on Canadian goods and a renewed US-Iran conflict have shaken buyer confidence, with industry executives saying cross-border volatility is again keeping would-be purchasers on the sidelines.
RBC still pointed to a two-month rise in Toronto prices, but warned of “significant unevenness” across Canada as economic anxiety clouds demand.
CREA has already cut its 2026 national home sales forecast for a second time this year, now expecting a 1.4% decline, and analysts say any Bank of Canada rate hike tied to inflation fears would further pressure the market.
Ontario is still the only province CREA expects to post annual sales growth, but market watchers increasingly doubt Toronto will break from the national slowdown before US-driven uncertainty becomes normalized.