Canada’s Residential Real Estate Market Makes the Move to Moderation in the Second Quarter of 2017
TORONTO, July 13, 2017 – According to the Royal LePage House Price Survey [1] and Market Survey Forecast released today, Canada’s residential real estate market posted strong home price gains in the second quarter of 2017, with the majority of metropolitan markets across Canada displaying expansionary trends. With recoveries underway in Vancouver, Calgary and Edmonton, home prices rise in the majority of metropolitan areas nationwide. The significant Greater Vancouver housing correction that began in August 2016 turned a corner in the second quarter of 2017. Home prices in B.C.’s Lower Mainland are now poised to resume an upward trajectory nearly a year after provincial regulatory intervention bruised consumer confidence and depressed sales activity. On the other side of the mountains, Alberta’s economic rebound continued as Calgary posted its strongest year-over-year home price gains since the downturn in the price of oil. Greater Toronto Area witnes...