Rentals will take the initial hit, spilling over to the broader housing market
Stronger market conditions are expected to prevail in the second half — barring any setbacks
Mortgage credit quality is highly correlated to jobs and house prices
Home prices are expected to bounce back eventually, but the timing of a recovery is uncertain
The number of homes sold has been steadily rising since mid-April
Quebec data was absent from April due to pandemic measures, affecting monthly comparison
Average house prices forecasted to fall between 9% and 18% over the next year
Sales in Toronto were down almost 54% year over year in May
The more pessimistic scenario could see deferred mortgages turning into foreclosures
There could still be challenges related to uneven demand