Canada’s housing market continues to look balanced, but Vancouver is beginning to cool, according to a release from BMO Capital Markets Economics on resale housing activity numbers for October.
Robert Kavcic, economist, BMO Capital Markets, said, “Low mortgage rates are offsetting weaker consumer confidence and cooling job growth.
“Relatively stable sales and price trends are likely in the year ahead.”
Kavcic noted that sales gains were relatively broad-based in October. Western Canada, Toronto and Montreal all saw seasonally adjusted increases.
Regina is now the sales growth leader, up 24.8% year-over-year, while Calgary's market continues to firm up, with sales running 15.2% above year-ago levels.
In Vancouver, despite an increase in October, sales were 1% below year-ago levels and prices have mellowed to an 8.5% year-over-year pace.
“After peaking above $800,000 in June, seasonally adjusted prices in Canada's most expensive city have drifted down to $758,000 – partly due to fewer high-end sales – and B.C. is looking like more of a buyers' market,” stated Kavcic.
Jennifer Harrison
@JHarrisonBIV