With housing sales down 13.2 per cent through the first four months of this year, Vancouver’s residential market is “clearly weakening” according to a study by the Bank of Montreal (BMO). But the bank notes that Calgary is getting stronger,
“Calgary is quietly becoming a market to watch. Sales jumped 30 per cent year-over-year in April and are back above the 10-year average for the first time in about three years,” the report notes,
Calgary housing prices have yet to gain much momentum, the study found, though supply conditions are tightening rapidly across Alberta.
"If oil prices remain high enough to continue supporting strong economic growth and migration flows, Calgary could again become Canada's real estate hot spot," said Robert Kavcic, economist, BMO Capital Markets.
The Real Estate Board of Greater Vancouver reports there were 2,799 sales in the region in April, the lowest for April sales since 2001, and 16.9 per cent below the 10-year average.
