Thursday, July 10, 2008

RBC reports that markets have changed across country

Tide turns in 2008

Last 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.

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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