Local real estate boards are reporting dramatic 40%-70% declines in home resales to generational lows, as both buyers and sellers prudently opted to sit things out. Prices generally held up though the mix of transactions was skewed toward less expensive neighborhoods. April could prove to be the cyclical low point for home resales. Some provinces are now beginning to ease social distancing restrictions, which we believe will help house hunting function a little more normally going forward in parts of the country. Any recovery will be gradual at first. Health considerations and concerns about job prospects will remain top of mind. The risk of a sharp price decline is low near term\u2014except in Calgary and other harder-hit markets where property values were already depreciating before COVID-19\u2014thanks in part to the extraordinary policy response from all levels of government and the Bank of Canada, as well as accommodating measures offered by financial institutions. That said, the odds rise the deeper and longer the recession gets.<\/p>\n