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Or sign-in if you have an account.Home prices are down four per cent from a year ago and 20.5 per cent off the pandemic peak in February 2022. Photo by DAN JANISSE/Windsor StarSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorA housing market rebound in 2026 is unlikely based on the latest numbers released Thursday by the Canadian Real Estate Association (CREA), say economists.“Expectations for a marked recovery in Canadian housing activity have been dialed back again,” Douglas Porter, chief economist at Bank of Montreal, said in a note.April sales rose 0.7 per cent from the month before, but he said “no one is going to mistake that for a sign of spring for the chilly housing market,” given that sales remain four per cent below year-ago levels and 10 per cent off of the norm for this time of the year.Prices are also down four per cent from a year ago and 20.5 per cent off the pandemic peak in February 2022.Breaking business news, incisive views, must-reads and market signals. 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Please try again“At this point in the year, the chance for a full-blown housing rebound has likely slipped away,” Clay Jarvis, who covers mortgages at NerdWallet Canada, said in a note.Toronto-Dominion economist Rishi Sondhi was a little more optimistic about the CREA numbers since Ontario posted a “solid” sales gain of 4.3 per cent month over month and the average home price across Canada rose 2.6 per cent in April from March.He said the slight drop in the sales-to-new-listings ratio “is well below the long-term average and signals modest price growth moving forward.”TD is calling for an increase in prices and sales for the second quarter, but Sondhi said that won’t be enough to pull the market out of its overall slump.“This will likely only partially retrace significant first-quarter weakness, leaving an overall subdued picture for the first half of the year,” he said.Sondhi also said the once-hot housing market faces plenty of economic headwinds, including weak population growth, elevated supply in key markets and a “shaky” jobs picture.But Porter said the current sales-to-new-listings ratio points to a further contraction in prices and indicates “little prospect for a quick turn anytime soon.”He said further price decreases are needed to improve affordability, which remains far below historical norms despite recent price declines and a drop in interest rates.On a provincial basis, Ontario and British Columbia, the country’s housing heavy hitters for prices and sales, had been the biggest drags on the overall market, but other “once-solid” regions are showing signs of cooling, the CREA report said.For example, sales dropped by double digits in Edmonton, Winnipeg and Halifax, while previously “sizzling” Calgary posted a nearly 10 per cent drop in sales and a decline in its home price index.“Given the lingering affordability issues in many regions of the country, and the now-distant prospect of any further rate cuts by the Bank of Canada, it’s tough to see the market springing to life anytime soon,” Porter said. Sign up here to get Posthaste delivered straight to your inbox.Canada is on track to build an AI supercomputer so powerful it could crack the top 10 to 15 globally, says AI and Digital Innovation Minister Evan Solomon.Canada is currently the only G7 country without a supercomputer that ranks in the top 25, according to an index that tracks the most powerful high-performance computers. — Yvonne Lau, Financial PostRead the full story here.Governor General Mary Simon will invest six officers and eight Members into the Order of Canada during a ceremony at Rideau Hall in OttawaToday’s data: Canada housing starts, international securities transactions and manufacturing salesEarnings: HLS Therapeutics Inc., Conifex Timber Inc.This FP reader, one of two children, moved out of his parents’ home after getting married, but his brother continues to live there. Now he is worried that once his parents die, he won’t be able to collect his portion of the inheritance from the sale of the family home. Keep reading here to find out more.Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors. Sign up here.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.