The U.S. housing market has been in a sales slump dating back to 2022
Despite stronger inflation, jobs, BoC may still cut rates
Sales were down 3.3% from December
Underlying outlook is positive, but tariffs a dark cloud for housing
Early indications point to progress on immigration, but goals remain distant
Elevated mortgage rates, rising home prices and few properties on the market were to blame
Better integrating immigrants could solve productivity puzzle
Lower rates, pent-up demand to drive homes prices up 4.7% in 2025
Rental market softened in 2024 amid multi-decade highs for apartment completions, slow population inflows
New loan-level data shows majority of mortgages to renew in next two years, most at higher rates