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The price increases in these areas are largely due to buyers considering that prices in Ontario and BC provinces are too high, while local housing prices are relatively more affordable, Alexander said.
Halifax is more like a city where house prices are not as crazy as Toronto or Vancouver, he explains.
After many years of falling house prices in Calgary, prices rose as many people moved here across provinces during the outbreak, Alexander said.
“the average local house price is less than half that of Ontario, and it takes only an hour and a half to drive to the Rockies,” he said.
“I think the real estate market in Calgary will continue to prosper for these reasons.”
Re/Max expects house prices to fall further in most markets next year, as well as fewer year-on-year transactions.
Since the central bank raised interest rates several times in the spring of 2022, there has been a sudden cold in most of the country’s property market.
Market trading data for October rebounded slightly from the previous month, Alexander said. But it is not clear whether this means the end of market cooling.
Both buyers and sellers are waiting to see how the central bank will raise interest rates and how the market will respond, Alexander said, but he also pointed out that this phenomenon will not last forever.
“whether it’s a buyer or a seller, there will be times when they can’t wait any longer,” he said.
“people need to get married and have children, and they will also encounter divorce or life changes, which will stop people from waiting on the sidelines.”
