The Bank of Montreal (BMO) says the “soft landing” for Canada’s housing market has finally arrived, but properties in Alberta and Saskatchewan suffered a “harder” landing.
BMO senior economist Robert Kavcic noted that Canada’s housing price increases “are now almost purely a two-city phenomenon”, thanks to Toronto and Vancouver.
The price growth, he added, depends on the specific housing unit. Single-family homes jumped by 25 per cent, while condos grew only 10 per cent at that time.
However, Kavcic also said three-quarters of the country’s housing markets are experiencing lower than average growth rates.
BMO last month said 10 of 22 major housing markets in Canada were “very weak”. Only Hamilton-Burlington, St. Catharines and Windsor -- all in Ontario -- were named as “strong.”
“Buyers used to move out of the city for more affordable real estate, but they now have to effectively move ‘up’ the city,” he said, according to Huffington Post.
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