Money Canada home prices rise in January, Toronto up for first time in six months

21:52  14 february  2018
21:52  14 february  2018 Source:   reuters.com

What did the neighbours pay? Whitby homebuyers just found out the answer: a lot less

  What did the neighbours pay? Whitby homebuyers just found out the answer: a lot less Some Whitby home buyers are upset after neighbouring lots in a new development went on sale at much lower price. Planned homes in a new Whitby subdivision are on sale for up to $90,000 less than similar homes in the same development were a year ago.

Canadian home prices rose in January, supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday.

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Toronto region home prices down 4.1% in January

  Toronto region home prices down 4.1% in January The Toronto Real Estate Board (TREB) is warning the City of Toronto to diminish its reliance on land transfer tax to fund city services in the wake of a distinctly chilly January in home sales across the region.The average Toronto area home price dropped 4.1 per cent year over year last month to $736,783. The number of sales in the Toronto region also fell 22 per cent compared to last January.Most of the price drop occurred on the back of detached houses. Those homes sold for 9.1 per cent less year over year region-wide, with an average cost of $970,823.The biggest price hit occurred in the 905 areas where detached home prices fell 12 per cent compared to January 2017, selling for $897,048 on average.

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The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices rose 0.3 percent in January from a month earlier.

But on a year-over-year basis, the pace of gains continued to decelerate. Compared to last January, prices were up 8.7 percent, the smallest 12-month rise since May 2016.

The monthly advance came as just four out of 11 cities surveyed saw price gains, the first time in two years that the index has had such small breadth, the report said.

Vancouver led the way, rising 1.2 percent to a fresh peak. It was the second consecutive increase for Vancouver, the country's most expensive housing market.

Lull in Toronto’s housing gives buyers the upper hand

  Lull in Toronto’s housing gives buyers the upper hand The dip in Toronto's housing market means there's a different dynamic at play between sellers and buyers this year. An analysis by Zoocasa shows more neighbourhoods have become buyer's markets — areas where there is enough competition among sellers that buyers have more choice and more room for negotiation — conditions that simply weren't on the table in heated January 2017.There are still seller's markets for detached and semi-detached houses, but the number of buyer's markets more than doubled from five in January 2017 to 11 last month, according to the analysis.

a sign on the side of a building: FILE PHOTO: A sign stands in front of a home that has been sold in Toronto© REUTERS/Mark Blinch/File Photo FILE PHOTO: A sign stands in front of a home that has been sold in Toronto

Toronto edged up 0.2 percent, driven entirely by higher costs for condominiums, Teranet said. The Ontario government last year implemented a number of measures, including a foreign buyers tax, to rein in prices in Toronto and the surrounding area, though other data have suggested prices are stabilizing.

In Vancouver, where the provincial government implemented its own foreign buyers tax in 2016, gains in condo prices have outpaced those of other types of residences over the past nine months. Condos prices surged 18.2 percent during that time, compared to a 11.4 percent gain for other homes.

(Reporting by Leah Schnurr; Editing by Bernadette Baum)

Ont. restaurant price hikes up food inflation .
Ontario restaurants hiking menu prices after the province raised its minimum wage this year were likely responsible for pushing January food inflation to its highest annualized increase in nearly two years. Overall food prices were 2.3 per cent higher last month compared with January 2017, according to Statistics Canada. It's the biggest jump since April 2016 when food prices increased 3.2 per cent. Restaurant price hikes led overall food inflation higher. Prices at eateries rose 3.7 per cent year-over-year in January. That follows a 2.9 per cent year-over-year increase for dining out in December.

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