6 August 2019

Meanwhile, the sales of fully detached homes felt a larger impact of a stress test with the average price in this segment falling by 0.9%.

In case of the City of Toronto, the average price in this sector was down by 9.1% to $1.23 million, offsetting a 2.5% hike in the 905 area to an average of $929,633.

According to TREB CEO John DiMichele, there is an increasing demand for residential real estate due to strong population growth.

“More consumers adjust to the new stress test and come back to the market, and they could face difficulties with a restrained supply and a sharp prices growth,” – DiMichele noted.

Metro Vancouver reported rebounding home sales last month. As a result, a traditionally slow selling period was the second highest month in 2019 so far.

However, the average price for houses in Metro Vancouver was only slightly higher than $1.4 million, which is 10.5% lower than a year ago. In case of townhouses and apartments, the prices were down by 9% and 8.8%, respectively.