So what is in store for 2015?? Potentially rising interest rates to declining oil prices? . “The effect of lower oil prices on Canada’s housing markets is something of a wildcard at the moment,” said Gregory Klump, CREA’s Chief Economist. “It’s not clear how far oil prices may drop or for how long they’ll stay down. How that plays out may affect the outlook for interest rates, job growth, consumer confidence, and sentiment about making major purchases.”

“The Canadian housing market remains a story about how sales and prices are still running strong in some areas” said CREA President Beth Crosbie. With mortgage rates remaining at historic lows since the summer, activity has remained stronger for longer than previously expected and has yet to show clear signs of fading. From our personal experience in the market, we can validate that it has NOT STOPPED!  Dan was in a multiple offer in December and Dale was in a multiple...