Toronto’s Housing Growth and Vancouver’s Fall
Toronto’s housing market has been soaring and producing new records. Toronto has been having great sales. In the meantime, Vancouver’s sales and housing market has been falling deeply.
Toronto’s housing prices increased by about 19.7 per cent in December compared to December of 2015. This information was confirmed by the Teranet-National Bank home price index.
Vancouver’s prices swelled compared to 2015 by 17 per cent. This increase is Vancouver’s prices and real estate is all due to its monthly performance. However, in November last year to December, prices fell by 0.8 per cent. This record made it the third time in a row that prices had fallen in just Vancouver. It also added up to the 2 per cent of drops and made it 2.8 per cent.
In the meantime, Toronto’s prices increased by 1.2 per cent in November of 2016. This was the 11th time that price increased sequentially.
Due to the national price inflation, some energy has been spread even though Vancouver’s market continues to deflate at a fast pace. It is believed that Vancouver’s decline will not stop anytime soon. This is due to the fact that Vancouver has seen its third monthly decline in a row.
The price drop in Vancouver has mostly been happening in the sale of houses rather than condos.
Most economists believe that Toronto’s growth will continue to increase but a slow pace due to the fact that new federal taxes and mortgage rules and plans.
Due to Toronto, Hamilton and Victoria, the composite index growth of month after month has been growing. If not for this provinces then the house prices would re