Vancouver Real Estate Cools Could Toronto Be Next?
Vancouver Real Estate Cools Could Toronto Be Next?, Prices continue to rise in Canada’s two largest real estate markets, but a closer look at the numbers shows two housing markets headed in different directions. Both cities have been singled out by the Canadian Real Estate Association for either skewing the national numbers higher and lower in recent months. And both cities remain among the hottest real estate markets in the country. And the similarities don’t end there.
On the surface, new data from real estate boards in the two markets shows prices for resale homes are indeed still rising. In Toronto, the average price of a resale home was $517,556 in April – an 8.5 per cent increase from the same month a year earlier.
Real Estate Mapping average home prices across Canada Where housing costs have gone up, down or stalled
The average price in Vancouver, meanwhile, was $683,800 in April, up 3.7 per cent compared to a year ago.
Rising prices are broadly perceived to be the surest sign of a buoyant housing market, but the number of homes sold – and the number of homes listed for sale – tell a different story.