Writing in its latest Real Estate Trends report, Scotiabank’s Senior Economist Adrienne Warren added that Canadian housing prices continue to appreciate, even if by “the mid-single digit”.
But adjusted for inflation, the average resale home price registered its first quarterly decline in seven years in the first quarter of 2008.
Price increases for new homes are moderating and inventories of unsold new homes are trending higher, said the report.
It said: “Cooling is most notable in many of Canada's hottest urban housing markets, including Calgary and Edmonton while Regina and Saskatoon are currently in the strongest sellers’ position.”
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