“It could surprise a few people that prices are falling there given that affordability is still quite good and that market was experiencing falling prices for several years,” he said. “You’d expect it to be one of those markets that could absorb fires and still do OK from a price perspective. But the level of activity got so far ahead of itself in 2021 – it’s correcting from extremely elevated levels of activity.
“That’s kind of behind the price decline there. But again, markets are quite a bit tighter in Alberta than they are in BC and Ontario for sure. So even if there is a price drop, we don’t think that it’s going to be as severe as the other two jurisdictions.”
Another noteworthy housing market trend this year has been that prices did not fall in Quebec between February and May, Sondhi said – something of a surprise,…
