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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





4 January 2019

Toronto and Vancouver showed the lowest home sales in 10 years

The most expensive Canadian real estate markets had the worst year for sales in almost 10 years, caused by growing borrowing costs and mortgage rules tightening.

According to the Toronto Real Estate Board (TREB), home sales in Toronto were down by 16% to 77,426 transactions last year, and the average price fell by 4.3% to $787,300. As a result, it was the worst year for sales in Canada’s largest city since 2008. In case of Vancouver, the annual sales went down by 32% and reached 24,619 units, marking the lowest level since 2000 and falling by 25% below the 10-year average.

“Growing borrowing costs combined with the new mortgage stress test made some buyers take a pause and review their housing possibilities,” - Garry Bhaura, TREB’s president says.

Sales in Toronto and Vancouver started falling in the first half of 2018 following the implementation of stricter qualifying rules for mortgages.

However, Vancouver sales kept decreasing later, even when Toronto market began to rebound, as the British Columbia introduced more measures to fight speculation.


Last month, Toronto sales were down by 23% to 3,781 from the previous year, but this decline could be exaggerated by buyers rushing to make the deal before the new rules took effect. Vancouver faced the weakest December for sales in 10 years, dropping by 47% to 1,072 transactions.

Another factor causing this drop was the number of new listings falling by 13% annually and by 32% in December.

The benchmark price, measuring the cost of a typical home, went up by 3% from a year ago and reached $764,200 in December. The largest increase by 9% was reported in the condo sector, while the price of a detached home remained almost unchanged at $907,900. Vancouver saw a 2.7% annual price decline to $1.03 million last month.


 

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