The agency sees a range of outcomes for key markets
Construction activity remains 4% below last year's pace
CMHC says the seasonally adjusted annual rate of housing starts was 211,681 units
TD Economics has downgraded its forecasts for home sales and prices amid weak population growth
Barring any major setbacks, stronger market conditions should continue in the second half
Prices in Vancouver, Edmonton and Calgary will take longer to rebound, forecast predicts
The market had its weakest showing for the month of May since 1996, though figures were up from the previous month
The CMHC forecasts medium-term weakness before a recovery in 2021
The agency warns of impending mortgage arrears due to Covid-19
Prices in both cities remain high