Declaring the bottom of the housing market in Canada has been passed, the economics unit at RBC Royal Bank says we are on the road to recovery.
That bit of good news is contained in the bank’s most recent review of the residential real estate market across the country. It also breaks down the situation in local markets with a note that activity in Alberta and Saskatchewan is picking up.
They take that as a good sign that buying has gained momentum even if prices are not yet responding as we work our way through an excess of inventory.
Drawing on real estate association figures, the bank notes the number of units changing hands in April rose five per cent in Calgary and eight per cent in Edmonton. It was more noticeable in Saskatchewan with an 11-per-cent increase in the sales being completed in both Regina and Saskatoon.
However, it says all these markets still have an abundance of unsold properties, which is depressing prices. But there can be no improvement until volumes increase, so we have cleared the first hurdle.