Tide turns in 2008Last year, major markets delivered a sixth consecutive year of 10% house price gains, sales-to-listings ratios held firmly in seller’s
territory, and housing starts held above 220,000 units for a fourth year running as excess demand in the resale market spilled over into
the new home market. But, housing markets are now on a clear cooling path.Calgary and Edmonton have moved from chart-toppers to bottom-of-the heap in only a matter of months on a range of key housing
market indicators, including house prices and sales.Regina and Saskatoon continue to clock year-over-year price gains that are several multiples above the pace of their local wage
growth. This lends evidence that current momentum is unsustainable,. with a similar fate to Alberta’s likely for both of these cities in a
year’s time.Many of the middle-of-the-pack markets — like Toronto, Ottawa and Montreal — are maintaining their slow and steady cruising
speed. House prices across much of central and eastern Canada are growing between 5% and 10% year-over-year.
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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