Housing market due to “heat up” despite regional disparities

OTTAWA ― The Canadian housing market’s risk profile is improving, according to the Globe & Mail, even as affordability remains a concern for potential buyers. “Generally stronger market activity reduced already low odds of a steep and widespread housing downturn over the next 12 months in Canada,” says RBC Senior Economist Robert Hogue. “There’s a greater likelihood that the market will heat up.” Not all markets are improving at the same pace, however. Home sales in Vancouver and Toronto increased dramatically in October, but “weak spots” on the Prairies are rebounding slowly and “tenuously” according to Hogue, with the uncertain future of the oil industry hampering buyer confidence.