Ottawa – Canada’s westernmost provinces are flirting with a real estate price correction as housing affordability across the country reaches its worst level in 18 years, according to an RBC economist. “We could draw a line at the Manitoba-Saskatchewan border, said assistant chief economist Derek Holt as he discussed the results of RBC’s annual study of housing affordability.
“Everywhere east of there is not likely to be in a bubble situation, but west of that border we’re definitely in uncharted waters in British Columbia and we’re already seeing a price correction in Alberta.”
Prices in Alberta have dropped anywhere from 3-9% over the fourth quarter and the trend continued in January, Holt said.
