Klump says housing bubble is bunk

Regina Leader Post

Rumours of the great Canadian housing bubble are greatly exaggerated, says Greg Klump, chief economist for the Canadian Real Estate Association (CREA).  While Canadian housing prices have increased an average 6.9 per cent so far this year (the highest in a decade), the more accurate housing price index (HPI) has increased 5.2 per cent for the first 10 months of 2014, which is the best in three years, according to CREA.  Moreover, if you take Toronto, Vancouver and, to a lesser extent, Calgary out of the picture, the average price increase would be several percentage points lower, while other market measures like sales-to-listings ratios and month's supply of homes for sale, are close to their 10-year averages.

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Michael James

Michael James

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