The Canadian Real Estate Association (CREA) has lowered its housing market forecast for 2026, citing an 'oil shock,' a jump in fixed mortgage rates, and weaker-than-expected sales in the first quarter.

According to the Canadian Real Estate Association, Canada's national home sales slightly decreased in February from the previous month, with the benchmark home price falling 4.8 percent compared to last year.

The Canadian Real Estate Association (CREA) has attributed a slowdown in housing sales during January to a significant snowstorm in Ontario.