February 17, 2016 11:42 am

Canada’s fastest cooling housing markets? ‘Any city or region exposed to oil’

Real estate markets with deeper ties to the energy and resource sectors felt the pinch of the current downturn last month.


Blaring headlines about blistering growth in Toronto and Vancouver are grabbing more headlines, but the situation outside of those major regions differs sharply these days.

Gains have slowed meaningfully across the country in key markets, and in some cases, have turned into outright declines. Which markets specifically? “Quite simply, any city or region exposed to oil prices,” BMO economist Robert Kavcic said.

Excluding Ontario and B.C., average prices across Canada were actually down 0.3 per cent in January, to $286,911, data released this week shows. And even that modest dip masks some deeper drops in certain markets with direct exposure to the resource and oil downturn.

“[T]he Toronto and Vancouver housing party rolled into the new year, offsetting what has been extreme weakness in commodity-heavy markets,” Diana Petramala, TD economist said.

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