2014-11-17 23:32:30 UTC
Housing markets tracked by CREA vary widely by city. Prices are up 9.5 per cent
year-over-year in Calgary, 8.3 per cent in the Greater Toronto Area and six per
cent in Greater Vancouver.
However, they were flat in Saskatoon, Ottawa, Greater Montreal and Greater
Moncton -- and down 3.4 per cent in Regina.
The eye-popping increases in Toronto and Vancouver are likely because “lots of
people want to move there and there’s limited space,” says Anglin.
Calgary is a different story, however, because it’s highly dependent on the
success of the local oil extraction economy, which is tied to the global price
Although Calgary has been booming for years, global oil prices have recently
started to fall. “If the price of oil stays low, then [a crash in Calgary] is
exactly what you would expect,” says Anglin.