Summary
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Prior to October, the drop in the national average home price was attributable primarily to lower sales in British Columbia and was not a true reflection of regional market conditions.
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In October, following a decline in sales, the Canadian market as a whole became a buyer’s market. For the first time, the decrease in the national average price derived in large part from regional prices, with Ontario becoming the third province to register a pullback in this regard.
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In October, Quebec, New Brunswick and Prince Edward Island teetered on the cusp between a balanced market and a buyer’s market.
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The market remained healthy in Manitoba, Nova Scotia and Newfoundland. Moreover, the market in Saskatchewan should not contribute to bring down the national average home price.
