Air starts to seep out of the bubbly Canadian property market

stereotypes portray Canada as the frigid north, awash in maple syrup, hockey and politeness. In the financial world it has earned a more novel, racier reputation: as home to a giant housing bubble. Canada’s property market has soared for , shrugging off the global financial crisis of 2007-09 and outperforming most other countries throughout the covid-19 pandemic. Lately, though, . In Toronto prices have fallen for three consecutive months. Throughout the country, home sales have plunged. Many economists warn that worse lies ahead.