Vancouver Propping Up National Prices

It's obvious that this is happening, but surprising to see it in the mainstream press. They do not directly point out that demand has been pulled forward, just warn that after the amortization rule changes there will be a drop-off in activity, a critical distinction.

Also, the article deals with averages, which will be all the more skewed.

Vancouver cushions Canada Feb home resales fall

But because of the strength in the heavily weighted Vancouver area -- where the average home price, at C$790,380, was more than double the national average -- national sales did not fall as much as they could have.

. . .

"When you take Vancouver out of the equation, the year-over-year increase in the national average price drops to 3.4 percent," said Gregory Klump, CREA's chief economist.

Sales in February were down 5.9 percent from a year earlier, the smallest year-over-year decline in nine months.

The number of new listings edged up 1.5 percent from the previous month on a seasonally adjusted basis, building on a 4.3 percent monthly increase in January.