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MoneyVancouver housing market not even among top 5 in Canada anymore

23:01  15 may  2019
23:01  15 may  2019 Source:   huffingtonpost.ca

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In fact, despite Vancouver being the third-largest metro area in Canada , it now ranks sixth on home sales, according to data released Wednesday by Story continues below. “ Canadian housing activity appears to be broadly stabilizing, as there are signs that the market has largely digested the many

The housing numbers out of Vancouver , once among the world’s hottest real estate markets , are According to real estate website Zoocasa, only the top 2. 5 percent of income earners can afford to With Canada ’s rising household debt levels “perilously high,” more needs to be done to lift incomes

Vancouver housing market not even among top 5 in Canada anymore © Provided by Oath Inc. A real estate sign in front of a house for sale in Ottawa, Aug. 15, 2017.

Remember when Vancouver used to top the lists of the world’s hottest housing markets?

Well, these days it isn’t even one of Canada’s hottest markets anymore.

There were 1,552 home sales in Greater Vancouver in April, in seasonally adjusted terms, a drop of more than 29 per cent from a year earlier. The steep decline means fewer homes are selling in Vancouver than in some other much smaller metro areas, such as Edmonton and Ottawa.

In fact, despite Vancouver being the third-largest metro area in Canada, it now ranks sixth on home sales, according to data released Wednesday by the Canadian Real Estate Association (CREA)

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Whenever I ask a Canadian resident the Toronto vs Vancouver question, the first answer is invariably " Vancouver is terribly expensive but Toronto is fast catching up". But the comments here seem to suggest that larger BC community itself is not a good place for new immigrants to start a new life in

Canadians hoping to buy a house in 2020 better brace themselves for limited choice and plenty of READ MORE: What Australia’s fires could mean for insurance and real estate in Canada . While conditions seem to be stabilizing even there and the warmer season may bring some new momentum

A year ago at this time, Vancouver had the third-largest number of sales, in line with its population.

Vancouver housing market not even among top 5 in Canada anymore © Provided by Oath Inc.

CREA said Wednesday that home sales in April posted their first year-over-year increase since December 2017 as gains in Montreal and the Toronto region outweighed a decline in the B.C. Lower Mainland.

Sales last month were up 4.2 per cent compared with a year ago, when they hit a seven-year low for the month.

On a month-over-month basis, sales through the Multiple Listing Service rose 3.6 per cent in April.

Related video: How to price your house so it sells [Provided by Money Talks News]

“Canadian housing activity appears to be broadly stabilizing, as there are signs that the market has largely digested the many policy changes,” Bank of Montreal chief economist Doug Porter wrote in a report.

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Real estate roundup: North Vancouver , BC housing market overview. With easy access to both Downtown Vancouver and nature and wilderness, the city is popular among young people, families Like the surrounding areas, the market is hot and sales are continually topping the monthly averages.

The most obvious example of Vancouver 's spiraling real estate prices might just come from a monthly report that has existed for 39 years. There are plenty of studies, anecdotes and reports into just how unaffordable Vancouver ’s real estate market has gotten recently.

“And while the regional divide is wide, fundamentals look to be a bit more supportive in the year ahead, with the policy tightening likely having run its course, job growth surprisingly solid and borrowing costs ebbing.”

The national average price for homes sold in April was $494,978, up 0.3 per cent from the same month in 2018.

Excluding the Greater Vancouver and Greater Toronto Area, two of the country’s most expensive markets, the average price was just over $391,000.

Canadian home sales softened in the wake of new mortgage stress test rules introduced last year and a rise in mortgage rates.

However, mortgage rates have started to come back down in recent months as expectations that the Bank of Canada will raise its key interest rate have also cooled.

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Canada ’s housing markets are becoming a story of east versus west, with solid sales and rising prices in Ontario and points east, and the exact opposite in the western provinces. Nationwide home sales stayed steady in June, the Canadian Real Estate Association reported on Monday, declining a

Vancouver is among a clutch of cosmopolitan, attractive cities around the globe where the appreciation in That indicates that Canadians , as much as foreign investors, are inflating the market . It’s easy to understand Property sellers don’t pay taxes on gains made from a principal residence in Canada .

The Canadian Real Estate Association noted that the number of newly listed homes rose 2.7 per cent in April, following an increase of 3.4 per cent in March.

However, the national sales-to-new listings ratio tightened to 54.8 per cent compared with 54.3 per cent in March.

The association noted that sales activity was stabilizing among Canada’s five most active urban housing markets, which no longer includes Greater Vancouver for the first time since the recession as sales in that city continue to trend lower.

— With files from The Canadian Press

This article originally appeared on HuffPost Canada

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