![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2019\/08\/canadian-housing-market-correction.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n An economist with Canada\u2019s biggest bank says the country\u2019s housing market correction \u201cis officially over.\u201d<\/p>\n In a response to the July home sales data the Canadian Real Estate Association released midway through this month, RBC Senior Economic Robert Hogue had some encouraging words about the state of the market.<\/p>\n \u201cCanada\u2019s housing market correction is over and the recovery is on,\u201d writes Hogue in a Monthly Housing Market Update<\/a>.<\/p>\n\n Sales of previously owned homes increased 12.6 percent in July compared to a year earlier and 3.5 percent from June on a seasonally adjusted basis.<\/p>\n While an increase in Toronto home resales of 23.5 percent garnered a lot of attention, Hogue notes that positive signs were far from limited to Canada\u2019s biggest housing market.<\/p>\n \u201cSlumping markets out west \u2014 including Vancouver, Calgary and Edmonton \u2014 are now in early stages of a turnaround,\u201d he states.<\/p>\n While it wasn\u2019t so long ago that Vancouver was Canada\u2019s hottest housing market<\/a>, Calgary and Edmonton are two of the country\u2019s longest-struggling housing markets<\/a>.<\/p>\n In fact, Edmonton\u2019s home prices have yet to recover to 2007 highs, while it has been nearly five years since Calgary peaked. A weakened Alberta energy sector, which creates jobs that support homebuying activity, has been a headache for markets in the province in past years.<\/p>\n