A key feature of housing markets in Canada over the last
decade is the sustained price increases particularly in larger urban
centers such as Vancouver and Toronto. Despite a relatively flat economy and stagnant population
growth, even northern Ontario has seen a price surge in its two largest urban
housing markets: Greater Sudbury and Thunder Bay. However, while Ontario’s housing price surge especially in the GTA shows little sign
of abating, it appears that economic reality may have finally caught up with
northern Ontario’s largest housing markets as prices appear set to level off.
