A great and short read here. Very interesting to know what is occuring all across the country. If you have any questions be sure to contact me. All information provided by my collegue Cheryl over at Scotiabank.
- The Atlantic housing market retains considerable buoyancy, with housing starts tracking in line with figures seen over the past decade. Resale market conditions in the Maritime Provinces are balanced, with average prices advancing at a moderate 1-3% y/y rate, below the national trend. Newfoundland and Labrador has experienced a relatively stronger advance in residential construction and resale prices this year, mirroring the outperformance of the province’s labour market.
- Ontario has outperformed, led by continued robust activity in the Toronto market. Construction, fuelled by condos, has reached a pace not seen since 2008, while strong demand and a shortage of listings are supporting ongoing strong price appreciation. Activity in most other parts of the province is more balanced, but still quite healthy. Quebec has experienced a more moderate advance, with starts expected to fall roughly in line with last year’s level and prices rising around 5% y/y. Looking ahead, Central Canada can expect the market to move further towards balance, with price pressures easing and the pace of starts aligning with long-run averages.
- Housing activity in Western Canada also remains resilient, but to varying degrees. Vancouver’s red-hot housing market has started to cool, with buyers constrained by reduced affordability. Average prices are still up roughly 10% this year, but the pace of appreciation is slowing. Saskatchewan has outperformed, supported by low unemployment and in-migration. Starts have returned to pre- recession levels, while solid resale price appreciation is consistent with a continued seller’s market. Housing activity in Alberta has started to turn around after a slow start to the year. The province experienced a deeper lull in its housing market during the recession, but sales, prices and construction are picking up as the labour market heats up and demographic trends continue to support activity. The positive momentum in Saskatchewan and Alberta is expected to persist, while housing activity in most other Canadian regions cools somewhat in the year ahead.