Technology: Toronto, Vancouver Home Sales Soar In Possible Return To 'Rapid House Price Gains' - - PressFrom - Canada
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Technology Toronto, Vancouver Home Sales Soar In Possible Return To 'Rapid House Price Gains'

13:31  04 october  2019
13:31  04 october  2019 Source:   huffingtonpost.ca

Toronto, Vancouver both see home sale gains in October but prices diverge

  Toronto, Vancouver both see home sale gains in October but prices diverge Toronto, Vancouver both see home sale gains in October but prices divergeGreater Vancouver home sales were up by 45.4 per cent in the month compared with a year earlier, while Greater Toronto Area home sales were up by 14 per cent.

The Greater Toronto and Greater Vancouver housing markets are growing tighter, and that could mean a return to rapid house price growth, a new report says. Meanwhile, Greater Vancouver saw home sales soar 46.3 per cent, compared to the same month a year earlier, though sales levels

Vancouver home prices are finally cooling off. But Toronto presses on. Vancouver home sales have been falling since March, and U.K.-based firm Capital Economics noted sales fell less sharply in The firm expects Vancouver 's luxury market to " return to more normalized, but healthy levels of

a view of a city with a mountain in the background: An aerial view of Burnaby, B.C., in the Greater Vancouver area, with New Westminster in the background.© Provided by Oath Inc. An aerial view of Burnaby, B.C., in the Greater Vancouver area, with New Westminster in the background.

The Greater Toronto and Greater Vancouver housing markets are growing tighter, and that could mean a return to rapid house price growth, a new report says.

In a report issued Thursday, Capital Economics noted that the supply of homes on the market is shrinking, even as buyers are returning, pointing to stronger house price growth.

“The recent jump in the home sales-to-new listings ratio seems to point to a renewed period of rapid house price gains, which would normally be matched by a pick-up in consumption growth,” senior Canada economist Stephen Brown wrote.

CREA: national home sales up 12.9 per cent in October compared with last year

  CREA: national home sales up 12.9 per cent in October compared with last year CREA: national home sales up 12.9 per cent in October compared with last year , and down 1.8 per cent from September.This report by The Canadian Press was first published Nov. 15, 2019. Are you on LinkedIn? Follow Microsoft News Canada and keep up with the latest industry news, career, jobs and tech updates.

Canada's two priciest housing markets are both showing signs of recovery following the introduction of foreign buyers' taxes in Toronto and Vancouver . But the markets went off in separate directions in November, data from the cities' real estate boards shows. In Toronto , home sales were down

Sales in both Toronto and Vancouver jumped by just about 24 per cent in both cities in June, compared to the same month a year earlier. Despite the jump in sales in Greater Vancouver , the downward momentum for house prices continued, with condos falling 8.8 per cent over the past year

But Canadians’ high debt loads mean they won’t be spending much more, at least over the next year or so, Brown added, and that will also limit how much house prices will be able to rise.

The Toronto Real Estate Board (TREB) reported Thursday that home sales in the metro area jumped 22 per cent compared to the same month a year earlier, though that is still below the 2016 peak for the month.

Meanwhile, Greater Vancouver saw home sales soar 46.3 per cent, compared to the same month a year earlier, though sales levels were very low last year. The big jump in sales brings things back in line with their historic average, the Real Estate Board of Greater Vancouver (REBGV) said.

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year. Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.” the board’s president, Ashley Smith, said in a statement.

Real Estate In Toronto, Vancouver Sees Another Month Of Rebound

Real Estate In Toronto, Vancouver Sees Another Month Of Rebound Canada’s priciest housing markets, Toronto and Vancouver, continued their sales rebound in August, but while Toronto is seeing a return to moderate price growth, Vancouver’s steep declines in selling prices continued. Sales were up by 15.7 per cent in Greater Vancouver in August, the region’s real estate board reported, although that compares to a very weak August a year ago. “With more demand from homebuyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” said Ashley Smith, president of the Real Estate Board of Greater Vancouver.

Home sales rose sharply in Toronto and Vancouver last month as Canada’s most expensive cities Sales of all home types climbed by 22 per cent in the Greater Toronto Area in September In contrast to Toronto , the sales surge in Vancouver came after prices fell to their lowest level since the spring

+ TORONTO – Realtor group Re/Max says home prices soared in Toronto and Vancouver in the first quarter with some of the effects spilling over into “These regions have seen more sales activity, as well as price gains , as buyers look to get more value for their money by expanding their boundaries.

In Toronto, the number of new home listings fell by 1.9 per cent, even as sales activity picked up. In the Vancouver area, the market grew much tighter very quickly, with new listings down nearly 30 per cent in September, from a month earlier.

In Toronto, the average selling price for all housing types was up by 5.8 per cent from a year ago, to $843,115. In Vancouver, the benchmark price for all housing tyopes was $990,600, down 7.3 per cent in a year. But price declines have slowed, with the benchmark price down just 0.3 per cent in the past month.

Toronto Real Estate Board CEO John DiMichele gave credit to accelerated population growth for the market’s bounce.

“The demand for all types of housing in the GTA ― rental and ownership ― will remain strong. This fact underpins the need for immediate and sustained action on housing supply,” he said in a statement.

But indebted consumers don’t have much room to spend more, Brown noted.

“Households’ finances still look fragile, so we expect spending to continue to lag incomes for the next 18 months,” he wrote, adding house price growth will likely be limited to 3 per cent nationwide over the next year.

“That would still mean that housing wealth gains are far lower than in recent years.”

This article originally appeared on HuffPost Canada.

Toronto area housing sales up 24.3% in July, prices rise due to tighter supply.
TORONTO — The Greater Toronto Area's home price index was up 4.4 per cent last month as the supply of properties for sale tightened and the number of sales jumped 24.3 per cent from July last year, the Toronto Real Estate Board reports. The overall average selling price for properties in the Greater Toronto Area was up 3.2 per cent year-over-year to $806,755, TREB said in a monthly report issued Tuesday. The number of properties sold increased to 8,595 from 6,916, with sales of all four categories of housing up by double digits.

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