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Residential Market Commentary - week of April 10, 2017

Apr 10, 2017, 11:03 AM by Joelle Park

Policymakers and market watchers are keeping a very close eye on the Greater Toronto Area.  There are increasing calls for some sort of government intervention to slow down price acceleration in the GTA.  March saw prices jump more than 33% year-over-year.  The average price for a home, of any type, is now $917,000.  The average price for a detached home has hit $1.21 million.

When faced with stunning and often troubling numbers like these it is helpful to take a step back and look at the bigger picture.  Toronto and the other unrealistically hot market, Vancouver, do not reflect the Canadian market as a whole.  While they continue to get the headlines and exert an undue influence on “national averages” another market that had been a concern is quietly getting back to normal.

There had been worries about a collapse in Alberta because of falling oil prices and the Fort McMurray wildfire.  But the latest figures from the real estate boards in Calgary and Edmonton suggest the province’s housing market is recovering.  Sales are returning to historical averages, new listings are growing and prices are increasing in step with inflation.