Canada Mortgage and Housing Corporation is predicting home prices and sales will fall from last year's levels by December.
But the federal housing agency says the declines won't blunt much of the market's heat.
Chief economist Bob Duggan says home ownership will be less affordable in the near-term because of higher mortgage rates and high price levels.
He also expects rental affordability will likely decline as well.
The federal government provided the fund last December, just weeks after an intense rainstorm washed away highways, swelled area rivers and overwhelmed dikes in the low-lying Fraser Valley, inundating key agricultural land around Abbotsford.
"We will challenge China when we ought to, and we will co-operate with China when we must," Joly said in a Wednesday morning speech, adding that Canada will seek deeper ties with more democratic, reliable countries such as India.
The ASEAN summit, which is scheduled to start on Saturday, is the first of four international meetings that Trudeau will attend over 10 days. He will also attend the G20 in Indonesia, the APEC meeting in Thailand and a Francophonie summit in Tunisia.
Delta Police Department responded to reports of shots fired in the area of 92A Ave and 117 Street in North Delta. Upon arrival, officers located a 22-year-old man from Delta with significant gunshot injuries. The victim is recovering in the hospital from his injuries. The investigation is ongoing.
A decision in the trial of former Surrey, B.C., mayor Doug McCallum comes down to his intention to mislead police by falsely accusing a woman to be suspected of committing offences against him, not whether she ran over his foot, a special prosecutor says.
The floods also caused significant damage to British Columbia's agricultural land in Abbotsford, where more than 1,100 farms were under evacuation order or alert at the peak of the disaster. About 630,000 chickens, 420 cattle and 12,000 hogs died in the floods.