Canada's real estate boom of the past decade has come to an end, but a few cities in Alberta will continue to beat the national average of house prices, new research from TD Bank says.
While Canada's long-term trend as one of the most profitable places to invest is not encouraging, the report predicts Edmonton and Calgary, along with Vancouver and Toronto and Victoria, will continue to outpace the national average in terms of home prices over the next 10 years.
"I do not think we have a housing bubble in Canada," said TD chief economist Craig Alexander.
"We have had abnormal strength in the market during a period of low interest rates and when rates go up over the next three years, you will get a cooling and weaker prices, but not a permanent shock and not a sharp correction."
The report from one of Canada's largest banks makes the case that gains in housing prices have been exceptionally strong over the last 10 years, and these houses in Alberta with a tab of around five million dollars are no exception.
With pools, acres of land, wine cellars and elevators, these mansions tip Alberta's average house prices to the higher end.
What $5 Million Will Buy In Alberta
With files from the Canadian Press