Price of Metro Vancouver condos surge, detached homes drop

Price of Metro Vancouver condos surge, detached homes drop”

Other data have shown Toronto home sales have dropped compared to where they were a year ago since the Ontario government introduced a number of measures in April, including a tax on foreign buyers, to tamp down the market in Toronto and the surrounding areas.

Falling home prices in Toronto in September dragged down the Teranet-National Bank national composite house price index as it posted its first monthly decline since January 2016.

The Bank of Canada has also raised its key interest rate target twice this year, prompting the big banks to raise their prime rates, pushing the cost of variable-rate mortgages higher.

Of the five major markets, Toronto saw the greatest year-over-year aggregate home price increase in the third quarter, rising 21.7 per cent to $860,295.

Bungalows are selling at an average price of $342,103, down 3.6 per cent, while the average price of a two-storey home is $407,915, down 1.5 per cent. Prices for condominiums were not released.

Prices were unchanged in 15 out of 27 markets, including Vancouver and Toronto.

The move lower came as the index for Toronto, Canada's largest housing market, fell 2.7 per cent on a month-over-month basis.

The national index, which includes 11 cities, fell 0.8 per cent compared with the previous month, the largest monthly decline since September 2010.

"Many might worry about the fact that the last time we saw a string of monthly (Toronto) declines of such magnitude was during the last economic recession". That was short of market expectations for a 0.2% gain, according to economists at Royal Bank of Canada.

A report last week from the Saskatoon Region Association of Realtors said Saskatoon was firmly a buyers' market, with a sales to listing ratio of 34 per cent.

While prices in Vancouver initially declined after the tax was put in place last August, prices have rebounded to a fresh peak.

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