Home Sales Recovering In Vancouver and Toronto

By Bizclik Editor

The July edition of the Business Review Canada is now live!

Homes sales appear to be on the rebound in two of Canada’s most expensive markets. The new trend indicates a widening gap between low rise home prices and condominiums in Toronto.

In Vancouver the real estate board said sales in July were 40.4 percent higher than they were a year ago and were 0.1 percent higher than the 10-year average.

In a press release, Sandra Wyant president of the Real Estate Board of Greater Vancouver says, “Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year.”

The Toronto Market continues to show signs of a strong rebound for existing homes, but the condo sector continues to lag with price increases just above inflation.

Read related content: 

There were 8,544 sales in July 2013, up 16 percent from last year and the best since July 2009, according to the Toronto Real Estate Board. The board notes that new listings are rising, but at a slower rate than sales.

“Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the greater Toronto area,” says Diane Usher, president of TREB, in a press release. “We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done.”

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI