Canada’s “two housing markets”

While house prices and activity continue to rise in Toronto, Vancouver and Hamilton there is concern over a slowing pace in many other markets.

A client note from the National Bank, economists Marc Pinsonneault and Krishen Rangasamy said there are “now two housing markets in Canada” with data from the Teranet-National Bank HPI showing stagnation and decline in prices in many markets.

The economists say that the overall rise in prices nationally for the past year was 5.6 per cent, but that is skewed by near-10 per cent rises in the three hottest markets.

The number of metros with rising prices is the lowest for six years though. “The widely anticipated moderation in Canadian real estate seems to have arrived,” the economists wrote.
 

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