Issue link: https://canadawidemedia.uberflip.com/i/840925
PHOTO CREDIT Regional variations nationwide home sales are increasing – up 1.1 per cent from February to March – with centres like London and St. thomas, ont., showing growing strength. in Montreal, an improving economy has buoyed the housing market, where Cooper says a shortage of new listings has created "a bit of a seller's market." Prices are down slightly in Quebec City, which, Canada Mortgage and Housing Corp. describes as a buyer's market. in Atlantic Canada, sales are generally steady and prices stable, with some exceptions, such as Halifax, where prices are up 2.6 per cent. in B.C., prices in the Lower Mainland have moderated after market-cooling measures were introduced last year, and sales activity is beginning to pick up. Alberta is experiencing the beginnings of a recovery from the downturn that followed the 2014 collapse in oil prices. the number of listings and rental vacancy rates is still higher than the long-term average in Calgary, but Cooper believes real estate prices have bottomed. Although oil prices have recently declined, oil production has likely bottomed with a return of job growth coming. that will moderate the current supply of home listings. Moderation ahead Although real estate activity is driven by local conditions that create variations in supply, demand, and affordability across the country, national trends can provide important indicators. Cooper says there is a significant connection between what happens in the major housing markets and the Canadian economy as a whole. Housing as a percentage of gDP is at a record high. Affordability is still an issue in many major centres, and speculation on residential property remains a concern in the greater golden Horseshoe, but the overall trend of a return to moderate growth spells good news for the economy as a whole. DoMinion LEnDing CEntRES OUR HOUSE SUMMER 2017 >> 39