All is not equal across Canada

According to the Canada Mortgage and Housing Corporation (CMHC), housing markets are expected to remain stable for the rest of the year, and housing starts are expected to moderate in 2015 and 2016.

"Lower oil prices are contributing to the disparities between provincial housing markets," Bob Dugan, chief economist for CMHC said in an official report. "A slowdown in housing starts and resale transactions in oil-producing provinces such as Alberta will be partly offset by increased housing market activity in other provinces, such as Ontario and British Columbia, which benefit from the positive impacts of declining energy prices, a lower Canadian dollar, and continued low mortgage rates."

Housing starts are expected to decline by 4.1 percent and range between 166,540 and 188,580 units in 2015, and between 162,840 and 190,830 in 2016. Prices on the other hand are expected to rise 3.4 percent and fall between $402,139 and $439,586 this year, and between $398,191 and $457,200 in 2016.

New home construction is expected to moderate over the next couple of years as builders focus on managing the existing inventory of completed vacant units.