Split emerges in housing market

Globe and Mail

Canada's housing market is shifting into two distinct camps - one that is headed for a so called soft landing, and another that remains heated.  On Wednesday the Bank of Canada said the country's housing market continues to pick up momentum at an unexpected pace.  Sales of existing homes have hit a four year high, according to the central bank's monetary policy report for October, pushing house prices higher.  But this reflects the country as a whole and masks "important regional divergences," the report noted.  The "historically low price increases and sales volumes" in Eastern Canada indicate a soft landing may be on the way in those markets.  But on the opposite end of the spectrum, major cities in Ontario, Alberta, and British Columbia remain heated, and the central bank raised warning flags  The bank does not explicitly name the cities in question, but the country's real estate hot spots are Toronto, Calgary and Vancouver.

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Michael James

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