A new report says while the slump in oil is stifling house prices in provinces driven by energy markets, other sectors have picked up the slack and taken home values to new levels nationally.
The report from Royal LePage, which provides a composite price based on values in 53 of the country’s largest housing markets,
finds the average home sold for $502,643 during the third quarter of 2015 — an eight per cent increase from a year earlier.
“Economic slowdowns in energy-dependent markets, most notably in western Canada, have in part been offset by both renewed industrial activity in other parts of the country and the Bank of Canada’s recent interest rate cuts,” said Phil Soper, chief executive of Royal LePage, in a statement.
Soper said that, as in
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