The government’s recent regulations to curb the real estate sale prices have prompted unrivaled levels of doubt amongst onlookers in expensive real estate sales for the coming spring season.
Reports from Sotheby’s International Realty Canada on Wednesday indicates that there will be little changes from the current real estate market trend with Toronto setting the pace in sales of home with an average price more than $1 million with Vancouver home prices retuning back to normal.
It comes as a surprise that Toronto real estate market was able to surpass that of Vancouver when at the same period last year, Vancouver home prices were all over the place reaching record high. Although Toronto considered as the second hottest market at that time, it did not occur that home prices in the city will continue to soar to the point in which the city has now become the hottest real estate market.
On the other hand, Calgary’s real estate market is expected to make a comeback this year following the negative oil price shock.
However, governments of various provinces have made countless efforts to curb housing prices with the British Columbia government introducing a 15% tax on foreign buyers to control the foreign investment in the country.
The city of Vancouver also introduced a tax on vacant homes in the area.
However, home sales activities across markets in the real estate in the country are moving in separate direction.
In some markers, home prices continue to soar on a rapid pace while in other markets; home prices are growing modestly or remain stable.