Location, location, location: Why our national housing market is a myth.

Original article via Financial Post. Click here to read.

For some, the real estate market is “out of its slump.” For others it is simply “stabilizing.” Others still see “no signs of cooling.”

The varying pronouncements about Canada’s housing markets in mid-July suggest that there isn’t per se a single housing market, but instead a collection of local markets where prices and sale volumes adjust to local variations in housing demand and supply, sometimes in response to institutional interventions.

The latest release of the monthly housing statistics by the Canadian Real Estate Association (CREA) suggests that a “national” Canada-wide lens on housing markets shows a picture that is necessarily not reflective of any local housing market

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