1613 ET - Bank of Canada Gov. Tiff Macklem tells lawmakers it is going to "take some years" before housing affordability "improves meaningfully for Canadians." He tells lawmakers at a parliamentary committee that activity in the residential real-estate market is weak, with data showing prices and sales softening. The Canadian Real Estate Association's benchmark house price has dropped about 20% from a February 2022 peak. Macklem says incomes are improving, "and that should improve affordability if it continues. But it's not something that's going to change overnight. This problem has built up over a decade." (paul.vieira@wsj.com; @paulvieira)

(END) Dow Jones Newswires

May 04, 2026 16:13 ET (20:13 GMT)

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