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There are 25 residential markets tracked monthly by the Canadian Real Estate Association and if you scan all of them, you might ask yourself just what is this real estate crisis that people are talking about?

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As the debate rages on about foreign speculators and housing bubbles, people on the ground say this boom is a lot more sustainable than many think.





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Nationally, the average sale price of a home during the first two months of 2017 was at an all-time high of $499,721, but prices only increased 2.2 per cent from the same period a year ago. That’s barely above the inflation rate.

Dig into the numbers further and you’ll find that seven of those 25 markets are now witnessing pricing declines, including the once red-hot Greater Vancouver area, where the average price of a home has dropped 13.3 per cent to $950,185.

In Alberta, there is no call to slow down the market. Even though Calgary prices climbed 2.6 per cent, the city is still grappling with double-digit sales declines.