In the absence of a severe recession, pent-up housing demand will continue to accumulate.

In the interim, the market should become a bit more affordable for buyers.

However, a large drop in prices is unlikely given their proven resilience during the past three years.

Furthermore, the complexity of a trade war clouds the outlook for interest rates as tariffs also add to inflation, putting the Bank of Canada in a difficult balancing act with the economy.

In that sense, interest rates may be near their bottom, as suggested by recent movements in bond yields.

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