Canada's Overreaching Diversity

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Canada is greatly known for its diverse population; however it has also become visible through the diverse conditions of regional housing markets. Over the last 12 months Canada has fostered some of the world’s hottest and coldest markets. According to global real estate agency Knight Frank, while three Canadian cities ranked among the world’s fastest house price growth markets, four well known cities found themselves at the bottom of the list (see charts below).





Yet this superficial indexed figured is misrepresentative of the real situation. Since then the average housing price in Vancouver has dropped 26%, and the top end of the real estate industry has collapsed. This collapse has removed over 40 per cent of the money supply of the corresponding market. As average prices in Vancouver continue to decline, it is likely they will lose their prestigious status at the top of Knight Frank’s list.

On the other spectrum of the list, Calgary and Edmonton do not seem to seem to be getting any better. Oil prices continue to slump in the third quarter of 2016, thus further damaging local housing markets. Furthermore, it seems like this trend will persist in 2017 as Calgary home sales fell 17 per cent lower than its long run average in December. In this case Knight Frank’s list provides an accurate portrayal of some western Canada housing markets.

Taken from an article on the Huffington Post written by Daniel Tencer
http://www.huffingtonpost.ca/2017/01/31/canada-hottest-coldest-housing-markets-developed-world_n_14523426.html

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