Hot Toronto real estate market transactions boosted sales in Canada to record breaking levels, totaling 46,353 transactions in March, as CREA reports.
Real estate is arguably the hottest topic in Ontario right now. Most of the other provinces have much more peaceful markets, as Doug Porter, chief economist for the Bank of Montreal explains.
Ontario Hottest Market in Canada, GTA Registers 17% Sales Increase Y-o-Y
The national average home price was up by 8.2% year-over-year. The GTA and Metro Vancouver real estate markets are driving up the national average price by 28.8%, which is now $548,517. Without the skyrocketing Vancouver and Toronto prices, this figure would be $389,726.
This makes for a delicate situation. Real estate professionals and banks worry that applying corrections to the GTA real estate market could have negative consequences on the national economy. On the other hand, policy-makers have already proposed plans to cool down the Ontario market.
Other cities in the province with spectacular rises in sales:
- London – +44.4%
- St. Thomas – +44.4%
- Niagara region – +30%
- Ottawa – +28.6%
Metro Vancouver Sales Starting to Recover, With a 4.1% M-o-M Spike
After the 15% tax for foreign buyers was implemented in Metro Vancouver last fall, sales plummeted. Numbers are still down 31.5% year-over-year, but activity is slowly picking up again, with a 4.1% increase month-over-month.
Benjamin Tal, deputy chief economist at the Canadian Imperial Bank of Commerce, stated for CityNews.ca that signs point to a very strong spring for Vancouver.
Original article published by CityNews.ca.