The slowdown in Vancouver’s residential real estate market continued in January. New data from the Real Estate Board of Greater Vancouver shows home sales plunged 39.5 per cent year over year last month as 1,523 properties changed hands.
Royal Bank of Canada (RY.TO) warned on Thursday that policymakers are more likely to introduce measures to cool the Toronto housing market after home sales hit a record high in 2016.
The housing agency still sees problems with overvaluation and price acceleration in Vancouver, Victoria, Toronto and Hamilton, despite Ottawa’s efforts to cool markets
Canada’s federal housing agency says strong evidence of problematic conditions continues to exist in the national housing market.
“The likelihood of policy intervention to address housing risks in Toronto is increasing,” RBC economists said in its January Canadian Housing Health Check.
Housing prices in Canada’s largest city, Toronto, have increased disproportionately and are spilling over into nearby communities, the federal housing agency said on Tuesday.
Vancouver is the third most unaffordable among a survey of major world cities, according to an international study.
In a sign that Toronto’s real estate market is off to a hot start this year, a home on Palmerston Ave. north of Bloor St. near Bathurst St., has sold for 62 per cent more than the sellers paid two years ago.
On a year-over-year basis, CREA says home sales were down five per cent last month compared to December 2015.
The average price of a Canadian home continues to move higher, but there are signs of a slowdown, according to the Canadian Real Estate Association.