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Trade War Fallout Cools Canadian Home Searches, But Buyers Still Closing in the U.S.
RBC Bank says mortgage originations from Canadian buyers remain steady even as overall online search traffic for U.S. homes stays well below levels seen before cross-border tariffs took hold.
Published: July 28, 2026
Canadian online searches for U.S. homes remain well below pre-tariff levels, but that hasn't stopped serious buyers from following through on purchases, according to RBC Bank's head of real estate financing.
Mortgage originations from Canadian purchasers at the bank are flat to slightly higher than a year ago, even though overall search traffic for American listings has yet to recover from the chill that set in after Washington imposed tariffs on Canadian goods. The split suggests that while the broader pool of window shoppers has thinned considerably, the Canadians who remain in the market are following through and closing deals.
The pattern mirrors what other cross-border housing data has shown throughout 2026: casual browsing by Canadians has been more sensitive to political and economic friction than actual purchasing behavior, particularly among retirees, snowbirds and cash buyers who are less exposed to financing costs and currency swings.
Real estate professionals on both sides of the border say the divide between search interest and closed transactions highlights how resilient demand can be among motivated buyers even during periods of elevated trade tension, while more casual or price-sensitive shoppers continue to wait on the sidelines for greater clarity on tariffs and exchange rates.
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