Canada’s Housing Market Booming? Not Everywhere

Posted: 09/16/2014 2:27 pm EDT Updated: 09/16/2014 2:59 pm EDT

The headlines are clear: Canada’s long-running housing boom shows no signs of ending, with sales rising yet again, by 1.8 per cent, in August.

better in some placesThe average house price is up 5.3 per cent in the past year, according to self-reported numbers from the real estate industry, and that’s well above wage growth and inflation.

But beneath the surface lies another story — one of two divergent housing markets. On one side is, basically, Toronto and everything west of it, markets which have been seeing strong price and sales growth. On the other side is everything east of Toronto — where the housing market has cooled considerably. (There are some exceptions.

The national increase in sales does not reflect local trends in many markets across Canada,” Canadian Real Estate Association president Beth Crosbie said in a statement.

Indeed, half of Canada’s 22 largest housing markets are now showing signs of a slowdown, Global News reports, be that a decrease in prices or a decline in sales volumes.

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