Home prices in Canada rose in October for the 8th month in a row

The Canadian Real Estate Association reported that both sales activity and average prices were up in Canada in October both in month over month and year to date statistics. However one has to be careful when we look at stats like this. Unlike the stock market the Real Estate market is incredibly local. When we take a broad country wide view of home sales and prices it is really quite unrealistic. For instance, most of the statistics come from the 3 major hot markets in the country; Calgary, Vancouver and Toronto. Those 3 marketplaces account for over half of the entire country's activity. Accordinly Regina and Saskatoon have stepped into a declining market but you would never know it if you looked at Canada wide statistics. This is why it is always smarter to look at individual markets rather than larger provincial or federal markets. The Okanagan Shuswap housing market is as good as it gets. That doesn't mean it is robust. It is in a slow gradual recovery. Not too fast but it is sustainable. If a market grows too fast we get the prospect of a bubble bursting. So far that's not us. 

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Blog Archives