Home buyers and home sellers. Depending on where you live, one or the other has the upper hand these days.
That’s the key message contained in the latest housing report prepared by RBC Royal Bank.
In simple terms this is a country with two housing narratives going on at the same time… and they’re different.
In the high-priced markets of Ontario and BC, it is a buyer’s market. Inventory is growing and prices are slipping so buyers are moving slowly and can be picky because they are awash in choices especially if they’re shopping for condos.
Everywhere else, it is a seller’s market. Buyers in places like Saskatchewan and the Prairies or Atlantic Canada don’t have the luxury of taking their time as inventories remain tight and prices are seeing upward pressure.
Nationally, sales activity is rising. But the upward trend is losing momentum suggesting the recovery is sputtering as buyers in the big markets of Toronto and Vancouver sitting on their hands are tilting the national balance which is also slowing the growth in housing values nationally.
