Home building in Canada is on an ominous downward slope, similar in many ways to what happened in the early stages of the slump in the US. For this reason we think it is premature for policymakers to declare of soft landing. Unfortunately, now the hot air that once supported home sales has vanished, the oversupply issue has unsurprisingly thrust to the forefront of the housing debate. With housing demand unlikely to rebound this year, housing will remain a drag on economic growth.
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