As of February 2025, the Canadian housing market faces increased uncertainty due to potential U.S. tariffs on Canadian imports. While lower interest rates and recent changes to mortgage rules have improved borrowing conditions, the looming threat of a trade war introduces significant economic unpredictability. BlueShore Financial advisor Justin Prasad notes that the situation has become “murky,” leading many to adopt a wait-and-see approach. Despite these challenges, first-time homebuyers, particularly millennials, continue to drive demand, especially as remote work declines and companies encourage returns to the office. Prasad advises these buyers to consider fixed-rate mortgages for stability amid the current volatility.
