In this news episode, BMO warns that Canada's housing market has been falling for three years, similar to the 2007 US crash. Recovery will take a long time. CMHC says today's Toronto condo slowdown is different from the 1990s crash because lending rules are tougher and buyers are more financially tested, meaning things won't get as bad. On the positive side, the federal government plans to cut development charges in half in the November 4 budget. Canada's hottest housing markets have moved to the Prairies and Atlantic Canada, with Newfoundland leading with 12.3% price increases.

• BMO warns Canada's housing market has been declining for three years, with recovery expected to take years as boom conditions can't be replicated.
• Today's downturn differs from the 1990s crash due to stricter pre-construction requirements (70% vs 50%), mortgage stress testing, and housing shortages rather than overbuilding.
• The federal government will cut development charges in half for five years, while the Prairies and Atlantic Canada lead price growth, with Newfoundland, Winnipeg, and Montreal strongest.

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