The Canadian real estate market is booming as the American market is slowing down. The impact on higher oil prices on Western Canada is driving 30 percent increases in Edmonton and Calgary while the rest of the country is seeing improvements.
The sand oil fields of western Canada are booming as the combination of technology and higher fuel prices are making retrieving oil from them cost compatible. This is driving a huge demand for labor and exposing a housing shortage. I have heard in comments that landlords are doubling long time residents rents which is causing great consternation amongst long time residents of the cities of Edmonton and Calgary.
Nationally, the average price of a home in the second quarter of this year was 14.2 per cent higher than a year earlier, and up more than 50 per cent higher in Calgary and more than 30 per cent in Edmonton, according to Royal LePage, which is forecasting a 9.2 per cent increase in prices nationally this year.
Both sales and prices continued to rise across the country in the April-June quarter, it said.
“The pace of growth varied greatly by region, with activity levels and price increases in the western provinces far outpacing that in the rest of the country,” it said. “Compared to the same period last year, Ontario, Quebec and Atlantic Canada maintained similar high sales volumes, with moderate price increases, while extraordinary demand and limited inventory drove double-digit price increases in the West.” via the Canada Post.
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