Real estate news stories that we’ve been following this week.
Housing affordability declines in Toronto, Vancouver in Q1: report
Rapid price growth in Toronto and Vancouver continues to affect the affordability of housing in those two markets, a recent report by RBC Economics states. The bank also predicts that interest rate hikes by the Bank of Canada will are likely to continue to erode housing affordability next year.
Vancouver inventory squeeze finds buyers panicked, sellers anxious
Vancouver is seeing their hot market fired up with a low inventory of resale homes. Toronto is experiencing the same issues. As sellers anticipate their home’s values to increase monthly, they can wait to put their homes on the market. But for how long?
Price of a new house hits new record — $783,995
A longer commute hasn’t dampened the increases seen in home prices as a detached new home now costs on average $783,99, up 16% since a year ago.
How Toronto became the world’s hottest luxury home market
Toronto’s luxury home market has prices rising faster than New York, Paris or London. Also read “Increased sales fuelling recreational property market“.
JUN