Time for your weekly cheat sheet on this week’s most important stories.
Canadian Real Estate
Canadian Real Estate Prices Make Smallest Price Change Since Great Recession
Canadian real estate prices are moving a lot slower in 2019. The price of a typical home in Canada hit $613,500 in January, up 0.79% from the year before. The increase is 89% slower than the same time last year. The annual growth is the slowest since 2009.
All But 3 Canadian Real Estate Markets See Further Cooling From Last Year
Few Canadian real estate markets are showing demand improvements this year. Only Montreal. Ottawa, and Quebec City showed a rise in sales to new listings ratios. The rest, and vast majority, continued to see the ratios decline. The biggest drops were all observed in Western Canadian markets.
Toronto Real Estate
Toronto Condo Sales Fall Back To 2015 Levels, Biggest Price Drop Since Summer 2017
Toronto condos were hit with a big monthly drop in prices, and sales. The price of a typical condo reached $506,900 in January, down $2,800 from the month before. This represents an 8.04% gain compared to the same month last year. The annual gain is still massive, but it’s worth taking note of the monthly price drop. The price drop is the largest since July 2017.
Vancouver Real Estate
Greater Vancouver Condo Prices Officially Go Negative, Fewest Sales Since 2010
Greater Vancouver condo prices went negative for the first time in a while. The price of a typical condo fell to $658,600 in January, down 1.74% from last year. Prices are now down 6.74% from peak, and it’s marked the end of the rush to buy. There were only 559 sales in January, down 44.8% from last year. That makes this the slowest January since 2010 for condo sales.
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Despite the fall. The prices are still overvalued.
More fall needed to match price to income ratio.
Price to real value.
Toronto needs a price drop of 50%, there should be no foreign ownership and investment residental real estate when prices are unaffordable for locals. Time to impose speculator tax and each family should only own one home, no more predatory “investment” real estate in Toronto or Vancouver. This high tax and high housing price will drive all young skilled families away. Lower housing now or lose what’s left of high skilled young professionals we have seen how who pays for retirees 10 years down the road.
“will drive all young skilled families” What are you waiting for? Move where the grass is greener.. There will always be those who will find this place to their liking, don’t worry. it’s what people always did and what makes markets and the economy work.are you waiting for the government to intervene in the markets specifically on your behalf?
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