Home prices now almost a “two-city phenomenon” says Kavcic
Toronto and Vancouver are the only cities seeing home prices grow above the average according to a report from BMO’s Robert Kavcic. Elsewhere in Canada prices are below average he says, with the long-awaited “soft landing” in many markets and a “harder” one in Alberta and Saskatchewan. The report also highlights that price growth in Toronto and Vancouver has been mainly driven by single-family homes while condos have seen a more moderate rise. This says Kavcic is because the ‘new baby boomers’ are now entering their mid-30s are want to move up to family homes and with condos having been the main focus of developers in recent years there is lower supply of houses.