Sal Guatieri

Sal Guatieri: In fact, the market has pulled up sharply from last years downturn and is cruising at an above-normal altitude, says BMO senior economist Sal Guatieri in a cross-country checkup on four key housing markets. Toronto is hardly landing, says Guatieri, with sales up 9 per cent over historic norms in the three months up to October. But benchmark prices, up 4 per cent over a year ago, remain lofty at more than six times median family income, according to The Star. While there is mounting concern that far too many new units will be coming on the market, the report says the shortage of new detached homes, and their high prices, will force more buyers into condos and they should absorb the new supply. Calgary is the place to be: It is the strongest major market in Canada, with house sales 20 per cent above historic norms and benchmark prices up 8 per cent, virtually making up for the 16 per cent decline in prices from 2007 to 2009 and Torontos housing market continues to defy skeptics, Calgarys is upward and onward, Vancouver has sprung back to life and Montreal remains a relative bargain, says a BMO Capital Markets assessment of a year of pleasant surprises on Canadas real estate front. But with close to 60,000 new condos under construction and developers offering more incentives, such as free furniture and waived maintenance fees, in the face of a dramatic sales slowdown, price gains should slow in 2014, says Guatieri. (www.immigrantscanada.com). As reported in the news.