The epicentres of household growth will likely shift soon from Ontario and British Columbia to the Prairies.
Is household formation peaking in Canada’s hottest real estate markets?
“Even by the slowest measure, a rise in household formation is expected,” Better Dwelling said. “However, traditionally high growth markets should begin to peak right around now. Replacing them as growth leaders are places with younger families.”
The three per cent drop is almost all due to slower condo sales year over year, as the number of single-family home sales are almost exactly the same as last year.
Edmonton area offers both buyers’ and sellers’ markets
There have been many projections about where real estate values will go, and so far, most have been wrong. Few, if any, projected the sellers’ market we’ve seen with shortages of homes in municipalities across the nation and multiple offers driving up prices.
Calgary’s real GDP will likely shrink by 5.5%, while Edmonton will likely see a 5.6% decline, CTV News reported.
Alberta housing markets may surprise investors post-recovery – report
Should COVID-19’s impact be moderated and the Albertan economy restarts in the next few quarters, the Calgary and Edmonton housing markets might see recovery sooner than expected.
