{"id":357,"date":"2020-04-03T20:05:41","date_gmt":"2020-04-03T20:05:41","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2020\/04\/03\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/"},"modified":"2025-03-26T04:54:46","modified_gmt":"2025-03-26T04:54:46","slug":"covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/local-real-estate-markets\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/","title":{"rendered":"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period"},"content":{"rendered":"

Early results from local real estate boards show a sharp drop-off in home resales in the second half of the month after what was a strong first half. We expect activity to slow to a crawl<\/a> in most markets across the country in April and for as long as social distancing and lock-down measures are in place. Home prices held up well overall in March\u2014strengthening further in both Toronto and Vancouver\u2014though it’s unclear how long this can continue. We expect property values to come under increasing downward pressure the longer restrictions persist and the deeper the recession gets. Super thin activity also makes the market prone to erratic price moves.<\/p>\n

\n

\"\"<\/p>\n

\n

The Toronto Region Real Estate Board indicated Toronto-area home resales were up 49% y\/y in the first 14 days of March and then plummeted -16% in the remainder of the month. On the whole, March resales were 12% above the level a year ago. This marked a significant slowing from the 44% y\/y increase recorded in February. By our own rough calculation, March activity shrunk about 23% from February on a seasonally-adjusted basis. We also estimate new listings fell 9%. Demand-supply conditions loosened somewhat as a result though remained in balanced territory \u2014at least, overall in the month\u2014maintaining support for prices. The rate of increase in the MLS Home Price Index accelerated to 11.1% y\/y. We expect price support to wear down in the weeks ahead. Still we see a low risk of a collapse at this point. We believe the extraordinary policy response from all levels of government and the Bank of Canada, as well as accommodating measures offered by financial institutions will soften the blow. <\/p>\n

A similar story emerged in the Vancouver area in March where the heat in the market evaporated over the latter half of the month. The overall sales figure looked impressive at first glance\u2014up 46% y\/y\u2014but it was mostly because of an extremely weak comparison point a year ago. We estimate home resales fell 7% from February on a seasonally-adjusted basis. The MLS HPI climbed above the year-ago level for the first time in 17 months (up 2.1%). This could well be as high as the index will get. We expect pricing dynamics to weaken in the period ahead. <\/p>\n

\n

\"\"<\/p>\n

\n

The outlook is even bleaker in Calgary where the local real estate board reported an 11% y\/y sales drop in March sales and 0.8% decline in the MLS HPI. Given the severity of the economic shock\u2014double whammy delivered by COVID-19 and oil price plunge\u2014and soft demand-supply conditions ahead into the crisis, we believe property values are at risk of a more sizable decline. <\/p>\n

\n
\n
\n
\"\"<\/div>\n
\n

See Full Report<\/h4>\n

Download<\/a>\n<\/div>\n<\/div>\n<\/div>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada’s housing market passed an inflection point with a sharp drop-off in resales in the latter half of March.<\/p>\n","protected":false},"author":265,"featured_media":354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,38,88],"tags":[25,11,17,26],"rbc_econ_content_type":[],"class_list":["post-357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-canadian-housing","category-local-real-estate-markets","tag-british-columbia","tag-economy","tag-housing","tag-ontario"],"acf":[],"yoast_head":"\nCOVID-19 Hit to Housing Market is Just the Beginning of a Tough Period - RBC Economics<\/title>\n<meta name=\"description\" content=\"Canada's housing market passed an inflection point with a sharp drop-off in resales. RBC Economics expects activity to slow a crawl due to COVID-19.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period\" \/>\n<meta property=\"og:description\" content=\"Canada's housing market passed an inflection point with a sharp drop-off in resales. RBC Economics expects activity to slow a crawl due to COVID-19.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-03T20:05:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-26T04:54:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1236\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robert Hogue\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Robert Hogue\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/\"},\"author\":{\"name\":\"Robert Hogue\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/e6e0ef1a11cb313ad00f17bd5cca916d\"},\"headline\":\"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period\",\"datePublished\":\"2020-04-03T20:05:41+00:00\",\"dateModified\":\"2025-03-26T04:54:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/\"},\"wordCount\":455,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80\",\"keywords\":[\"British Columbia\",\"Economy\",\"Housing\",\"Ontario\"],\"articleSection\":[\"Canadian Analysis\",\"Canadian Housing\",\"Local Real Estate Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/\",\"name\":\"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period - RBC Economics\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80\",\"datePublished\":\"2020-04-03T20:05:41+00:00\",\"dateModified\":\"2025-03-26T04:54:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/e6e0ef1a11cb313ad00f17bd5cca916d\"},\"description\":\"Canada's housing market passed an inflection point with a sharp drop-off in resales. RBC Economics expects activity to slow a crawl due to COVID-19.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80\",\"contentUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80\",\"width\":2560,\"height\":1236},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rbc.com\/en\/economics\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#website\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/\",\"name\":\"RBC Economics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/e6e0ef1a11cb313ad00f17bd5cca916d\",\"name\":\"Robert Hogue\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/79e3d54e2eda3d613e8a2567ce53732ce37a3e2618ea991983962f8e314a6efd?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/79e3d54e2eda3d613e8a2567ce53732ce37a3e2618ea991983962f8e314a6efd?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/79e3d54e2eda3d613e8a2567ce53732ce37a3e2618ea991983962f8e314a6efd?s=96&d=mm&r=g\",\"caption\":\"Robert Hogue\"},\"url\":\"https:\/\/www.rbc.com\/en\/economics\/author\/roberth\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period - RBC Economics","description":"Canada's housing market passed an inflection point with a sharp drop-off in resales. RBC Economics expects activity to slow a crawl due to COVID-19.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/","og_locale":"en_US","og_type":"article","og_title":"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period","og_description":"Canada's housing market passed an inflection point with a sharp drop-off in resales. RBC Economics expects activity to slow a crawl due to COVID-19.","og_url":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/","og_site_name":"RBC Economics","article_published_time":"2020-04-03T20:05:41+00:00","article_modified_time":"2025-03-26T04:54:46+00:00","og_image":[{"width":2560,"height":1236,"url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80","type":"image\/jpeg"}],"author":"Robert Hogue","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Robert Hogue","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#article","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/"},"author":{"name":"Robert Hogue","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/e6e0ef1a11cb313ad00f17bd5cca916d"},"headline":"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period","datePublished":"2020-04-03T20:05:41+00:00","dateModified":"2025-03-26T04:54:46+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/"},"wordCount":455,"commentCount":0,"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80","keywords":["British Columbia","Economy","Housing","Ontario"],"articleSection":["Canadian Analysis","Canadian Housing","Local Real Estate Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/","url":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/","name":"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period - RBC Economics","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage"},"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80","datePublished":"2020-04-03T20:05:41+00:00","dateModified":"2025-03-26T04:54:46+00:00","author":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/e6e0ef1a11cb313ad00f17bd5cca916d"},"description":"Canada's housing market passed an inflection point with a sharp drop-off in resales. RBC Economics expects activity to slow a crawl due to COVID-19.","breadcrumb":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#primaryimage","url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80","contentUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80","width":2560,"height":1236},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/covid-19-hit-to-housing-market-is-just-the-beginning-of-a-tough-period\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbc.com\/en\/economics\/"},{"@type":"ListItem","position":2,"name":"COVID-19 Hit to Housing Market is Just the Beginning of a Tough Period"}]},{"@type":"WebSite","@id":"https:\/\/www.rbc.com\/en\/economics\/#website","url":"https:\/\/www.rbc.com\/en\/economics\/","name":"RBC Economics","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/e6e0ef1a11cb313ad00f17bd5cca916d","name":"Robert Hogue","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/79e3d54e2eda3d613e8a2567ce53732ce37a3e2618ea991983962f8e314a6efd?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/79e3d54e2eda3d613e8a2567ce53732ce37a3e2618ea991983962f8e314a6efd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/79e3d54e2eda3d613e8a2567ce53732ce37a3e2618ea991983962f8e314a6efd?s=96&d=mm&r=g","caption":"Robert Hogue"},"url":"https:\/\/www.rbc.com\/en\/economics\/author\/roberth\/"}]}},"author_meta":{"display_name":"Robert Hogue","author_link":"https:\/\/www.rbc.com\/en\/economics\/author\/roberth\/"},"featured_img":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80&w=300","jetpack_featured_media_url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-75-scaled-1.jpg?quality=80","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/\" class=\"advgb-post-tax-term\">Canadian Analysis<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/canadian-housing\/\" class=\"advgb-post-tax-term\">Canadian Housing<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/canadian-housing\/local-real-estate-markets\/\" class=\"advgb-post-tax-term\">Local Real Estate Markets<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Canadian Analysis<\/span>","<span class=\"advgb-post-tax-term\">Canadian Housing<\/span>","<span class=\"advgb-post-tax-term\">Local Real Estate Markets<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/canadian-housing\/local-real-estate-markets\/\" class=\"advgb-post-tax-term\">British Columbia<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/canadian-housing\/local-real-estate-markets\/\" class=\"advgb-post-tax-term\">Economy<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/canadian-housing\/local-real-estate-markets\/\" class=\"advgb-post-tax-term\">Housing<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/canadian-housing\/local-real-estate-markets\/\" class=\"advgb-post-tax-term\">Ontario<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">British Columbia<\/span>","<span class=\"advgb-post-tax-term\">Economy<\/span>","<span class=\"advgb-post-tax-term\">Housing<\/span>","<span class=\"advgb-post-tax-term\">Ontario<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 6 years ago","modified":"Updated 1 year ago"},"absolute_dates":{"created":"Posted on April 3, 2020","modified":"Updated on March 26, 2025"},"absolute_dates_time":{"created":"Posted on April 3, 2020 8:05 pm","modified":"Updated on March 26, 2025 4:54 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/users\/265"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/comments?post=357"}],"version-history":[{"count":0,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media\/354"}],"wp:attachment":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media?parent=357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/categories?post=357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/tags?post=357"},{"taxonomy":"rbc_econ_content_type","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/rbc_econ_content_type?post=357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}