The average price of a Canadian home sold in May was $509,460, a 13 per cent increase in the past year and the highest figure on record. The strong gains are largely tied to hot markets in Ontario and British Columbia, according to the numbers released Wednesday by the Canadian Real Estate Association. Stripping those two markets out of the calculations,
A forthcoming study of Vancouver real estate provides clear evidence that foreign money does impact home prices. However, the effect may be far less significant than many believe. SFU’s Andrey Pavlov and UBC’s Tsur Somerville examined how prices changed in neighbourhoods favoured by Chinese immigrants during a three-month period following the July 2012 closure of
There might be an end in sight for some of Canada’s red-hot housing markets. The Ottawa-based Canadian Real Estate Association said existing home sales were down 2.8 per cent in May from April on a seasonally adjusted basis and CREA, which represents about 115,000 realtors across the country, predicts 2017 will see a major leveling
