The housing market in the city is increasingly getting hot and home prices are gradually becoming unaffordable. It is the opinion of the RBC that lawmakers will step in to control this wildfire of a real estate market.
On the other hand, home prices in Vancouver have been reducing for the past few months by an average of 3.1% in 3 months as of December last year.
This means that the market is adjusting itself according to RBC.
Condominiums and rental units are empty in Calgary due to the losses of jobs. The economy of Alberta is going through a rough patch right now. Another contributor to the slowing down economy is low oil prices. Oil is a major resource for the economy of the province.
“Still, a recent drop in condo construction and a slightly improving trend for home resales have been positive developments suggesting that risks might ease in the period ahead,” the report states.
Montreal seems to be the antithesis of Calgary: there are new condos being erected along with homes.
“The earlier home inventory issues continue to evolve constructively,” says the report, noting this housing market is becoming less vulnerable to a downturn.