Average price of a Canadian home continues to move higher.

The average price of a Canadian houses has continued to move higher. But the figures from CREA (Canadian Real Estate Association). shows signs of a slowdown.
The average sales price in December was $470,661 — 3.5 per cent higher than the same month a year earlier, said CREA.
CREA’s chief economist, Gregory Klump said,””Home sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016.
He said,”New regulations mean that in order to qualify for a mortgage, home buyers will either have to save longer for a bigger down payment or purchase a lower priced home.”
The Canadian real estate picture continues to be wildly different depending on the area of the country.
In Calgary, the average price declined by 3.7 per cent in 2016. In Saskatoon, it was 1.6 per cent lower, on average, but in n B.C.’s Fraser Valley and the Greater Vancouver area, prices continued to rise by more than 20 per cent in calendar 2016, as they did in Victoria and the Greater Toronto Area.