Economists say it could take months before consumers regain confidence and create a rebound in Canada's housing market, but a pent-up demand remains in places like B-C.
T-D Bank economist Rishi Sondhi says the Canadian housing market is akin to a coiled spring, and significant demand in B-C and Ontario could be sparked by activities such as an interest-rate cut.
The Bank of Canada is expected to hold its key rate steady again this week after no movement for the rate since last year, but its direction is unclear after that.
Sondhi says the uncertainty could keep some buyers cautious throughout the spring, with modest rate cuts later this year more likely to spur a surge in the market.
