'A buyers' market with no buyers': CIBC economist on housing market

Some home sellers are struggling to find buyers amid high mortgage costs, according to an economist who says Canada’s housing market is in the midst of “a very healthy correction.”

“We have more supply and less demand. This is becoming a buyers’ market – a buyers’ market with no buyers,” Benjamin Tal, deputy chief economist at CIBC World Markets, told BNN Bloomberg in a television interview.

Canada’s housing market is facing its “biggest test” since the 1991 recession as home sales drop but listings go up, Tal said.

“It's a very weak market,” he said Tuesday.