Have Canadian real estate prices bottomed out?

Prices in major real estate markets across Canada appear to have bottomed out last month as affordability issues persist, according to a report from RBC Economics.

Robert Hogue, an assistant chief economist at RBC Economics, said in a report Friday that spring was appearing to be a low point for estate markets across the country, but data from last month “pretty much sealed the deal.” 

“Early results from real estate boards gave strong indications local markets turned a corner last month. In most cases, activity ramped up significantly (from depressed levels in March) and prices ticked higher,” Hogue said in the report. 

Price gains were the sharpest in Toronto, Vancouver and Calgary, followed by Montreal, he said.