Big 3 cities drive Canada’s still-hot housing market.

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Canada’s housing market is increasing every month with a significantly higher percentage, but the bulk of gains are accruing in just three places, Vancouver, Calgary, and Toronto.

That’s good news for those centers in the near term, but the still-hot pace is raising concerns about a potentially sharp correction the longer those markets boom amid ultra-low borrowing rates.

“Price spikes in Canada’s major cities [are] masking otherwise moderate home price appreciation nationally,”



The Canadian Real Estate Association, or CREA, said Wednesday home sales rose more than 10 per cent last month compared to September 2013, easily topping expectations for sales to come in about 6 per cent higher.

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