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As Toronto and Vancouver continue to struggle under the weight of federal and provincial regulation, cities like Ottawa and Montreal have been doing well over the past few months.
In order to take a closer look at which real estate markets are not suffering from the current housing downturn, we have collected six charts to help people look at the problem correctly.
1. With the exception of Vancouver and Toronto, house prices are performing well in other areas.
In May, National Bank economist Mark Pisono tracked the Teranet-National Bank house price index in nine metropolises outside Toronto and Vancouver.
Conclusion: in other areas covered by the Shanghai Composite Index, house prices have regained most of the value lost in the first quarter of 2018. In other words, house prices in most Canadian cities have rebounded in the past three months after falling at the start of the year.
two。. House prices in Ottawa continue to rise.
The Canadian Real Estate Association (CREA) tracks house prices in Ottawa over the past 13 years.
Conclusion: data released by CREA show that benchmark house prices rose 8.2% in May from a year earlier. The price of a two-story single-family house rose sharply, up 9.5% from a year earlier.
3. Housing construction in Quebec is in full swing.
Robert Hogg, a senior economist at the Royal Bank of Canada, calculates the level of housing construction in Quebec over the past 40 years.
Conclusion: driven by a strong labor market and a surge in housing demand, there has been a substantial increase in new housing construction.
4. Montreal real estate market is hot.
Royal Bank of Canada Economics (RBC economics) has tracked Montreal’s MLS house price index for the past 12 years.
Conclusion: the city is the center of Quebec’s strong housing market, with rising employment and immigration driving up house prices year by year.
5. Compared with Toronto and Vancouver, Montreal performed extremely well.
Over the past two years, Scotiabank Economics has tracked the ratio of newly listed homes in Vancouver, Toronto and Montreal. A ratio of 40% to 60% is considered to be balanced, and when the reading is above or below the ratio, it is the seller’s market or the buyer’s market, respectively.