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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



HST - WHAT IS TAXABLE?

8 April 2019

Toronto, Montreal and Vancouver – three vectors of home prices

The first quarter of 2019 showed a slowing trend in Canadian home prices compared to a year ago.

According to the new report by the Royal LePage, in Q1 2018, Canada saw the most significant housing prices decline since the Great Recession in 2008. Although there were certain signs of a rebound at the end of 2018, they have weakened since that moment.

On a year-over-year basis, the national home prices growth slowed sharply during the first quarter to only 2.7%, with prices in western Canada expected to keep decreasing. The Greater Toronto Area is quite stable, affected mostly by the low inventory. Supported by improving job market, Ontario drove the national average, which would have been as low as 0.4% without it. The average home price in Toronto was up by 5.8% annually.

“The City of Toronto remains one of the markets with the fastest pace of prices growth in Canada,” - noted Phil Soper, Royal LePage’s president CEO.

“Detached home prices are going up in line with inflation, while condo prices are showing almost double-digit growth as vertical living has become more popular in this world-class city.”

British Columbia’s economy is quite strong, but it keeps fighting with its real estate market challenges. In Q1, Greater Vancouver home prices were down annually for the first time in 7 years, with the average cost falling by 1.5% to $1,239,306.

“The Greater Vancouver area is still one of the most desirable places to live in the world,” - said Soper. “Population growth is leading to strong household formation and the employment rate is high. However, stricter rules caused a decline in home sales to the mark we haven’t seen in 30 years. Weakening consumer confidence and suppressing the demand with new taxes and restrictive regulations doesn’t mean we don’t need new real estate objects anymore. It only pushes families out of the market and fuels a destructive boom-bust cycle.”

It’s interesting that certain Greater Vancouver’s most desirable regions are facing falling prices. Expensive regions, like West Vancouver, North Vancouver, Burnaby, and the City of Vancouver, are dropping, and it’s a great chance for those who are looking for luxury properties.

Meanwhile, Montreal is benefitting from improving housing market like Toronto and Vancouver did earlier. The average home price in Greater Montreal was up by 5.5% year-over-year to $406,332. Moreover, the pace of home price growth exceeded the national average and the numbers in the GTA and Greater Vancouver.

 

 

 

 

 

 

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