The Canadian housing market is in a prolonged downturn, with home sales and prices falling despite population growth. Developers face challenges due to oversupply, especially in condos. Banks have increased risky lending and performed blanket appraisals to prop up values, signaling deep issues in the banking system. Loan loss provisions are rising sharply, though big banks remain supported by government bailouts. The market correction may continue for years.
Nationwide
Canada
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