A report released last week by BMO shows that sales volumes for existing home sales have fallen well below the 10-year average, “with realtors citing the federal government’s decision in July to temporarily suspend applications for the federal immigrant investor program as a dampening factor.”

Vancouver remains the priciest housing market relative to income, by far. “Still, with mortgage payments on the benchmark home (all types) consuming over half (52%) of
median family income, a further decline in Vancouver home prices would not be surprising, nor exceptional, as the city has faced four double-digit corrections in the past three decades.”

Source: BMO Capital Markets