The Globe and Mail reports in its Friday, Feb. 13, edition that mortgage rates are nearing their lowest expected point, but the impact on the housing market this year varies by city. The Globe's Salmaan Farooqui writes in the Mortgage Rate column that an analysis from Desjardins highlights that Canada is experiencing two distinct housing markets. Cheap markets like Quebec City and Regina are seeing significant price increases, with Quebec City showing over 10-per-cent growth every month in 2025. In contrast, expensive markets such as Toronto and Vancouver continue to face price declines and low sales volumes. The Desjardins report, written by senior economists Kari Norman and Maëlle Boulais-Preseault, suggests that the growth in cheaper markets is proof that affordability is the major factor that is preventing the housing market from picking up steam. That is why the economists' overall outlook for 2026 is weak. Desjardins is forecasting that growth across Canada's housing market will only tick up modestly as it enters a "fragile recovery phase." Additionally, Desjardins says it is more likely that the market will underperform their forecast, rather than outperform it.