Time for your cheat sheet on this week’s most important stories.
Canadian Real Estate
The Canadian Real Estate Industry Just Downplayed The Biggest October In 10 Years
Canadian real estate sales just had a massive October. There were 44,499 sales in October, up 12.9% from last year. The 12-month growth is the highest for October since 2011. The number of sales for the month is also the most since 2007. Why didn’t the industry play up this note? Well, that was mentioned in last month’s report – it’s most likely a temporary bump. Don’t let that ruin a good party though.
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CREA: Canadian Real Estate Prices Reach A New All-Time High, But Growth Slows
Canadian real estate prices reached an all-time high, according to the industry benchmark. The price of a typical home is estimated to be $633,600 in October, up 1.77% from last year. The 12-month increase is projected to come in smaller than inflation. That said, there’s some very large regional variance in price movements.
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Canadian HELOC Borrowing Slows To The Lowest Level In Over A Year
Canadians racked up a new record for HELOCs, but the growth rate is quickly slowing. The balance of loans secured by residential real estate reached $303.93 billion in September, up 3.98% from last year. The balance is a new all-time high for the segment, but the slowest 12-month growth seen in over a year. Most of the weakness comes from slow borrowing in personal loans.
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Vancouver Real Estate Prices Rise, And Toronto Slips From Peak
Canadian real estate prices have stumbled from all-time highs, but not far. The TNB HPI showed prices across Canada dropped 0.05% in October, but are still up 0.99% from last year. September was peak prices according to the index, so prices are just a tiny bit off that number.
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Toronto Real Estate
Toronto Detached Real Estate Sales Improve, But Still Way Below Peak
Toronto’s detached real estate is seeing prices rise. TREB reported the typical detached home costs $952,200 in October, up 4.12% from last year. The City of Toronto benchmark reached $952,200, up 3.20% from last year. Both markets are below the peak reached in 2017, and suburban prices are rising faster than in the city.
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Vancouver Real Estate
Vancouver Condo Price Growth Was Almost 3x Larger Than Houses
Home prices in Vancouver are fast falling, after rising very quickly over the past few years. Home prices dropped 1.74% in Q3 2019, and are down 5.21% from the same quarter last year. Since Q1 2017, they’re up 9.10% though. Most of the gains are attributed to condo apartments, which saw prices rise 3x faster than houses. Although now condo apartment prices are falling 2x faster than houses.
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