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Tariff-induced unemployment could create perfect storm for residential markets

Mortgage defaults likely to increase along with jobless rate resulting from trade war
Should tariffs take hold and a full-scale trade war commence, unemployment rates in Canada could increase quickly, which would drive mortgage arrears and increase foreclosures. (Getty Images)
Should tariffs take hold and a full-scale trade war commence, unemployment rates in Canada could increase quickly, which would drive mortgage arrears and increase foreclosures. (Getty Images)

The housing market has been a driving force behind personal wealth creation in Canada for several decades, even managing to avoid much of the losses associated with the global financial crisis, at least on a comparative basis.

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