Time for your weekly update on this week’s most important stories.
Canadian Real Estate
Canadian Real Estate Prices Turn Negative According To The US Federal Reserve
Canadian real estate prices are slipping lower, when adjusted for inflation. Federal Reserve Bank of Dallas numbers show prices have slipped for the first time in a decade. Prices across the country are down 3.45% when compared to the same quarter last year. The decline represents the first annual negative growth since 2009.
Teranet-National Bank: Canadian Real Estate Prices “Flat” In September
The Teranet HPI shows annual price growth accelerated in September. The annual pace of growth across Canada’s largest 11 urban centres reached 2.14% from last year. The acceleration is misleading, since prices are flat month-over-month. That means prices dropped this time last year, which is why the annual looks like an “increase.”
Canadian Real Estate Sales Make Largest September Decline Since 2007
Canadian real estate sales continued to decline in September. CREA reported 35,939 sales in September, down 12.67% from the month before. The annual pace of growth reached 8.8%, compared to the same time last year. A monthly decline is normal, but it was the largest monthly decline since 2007.
Canada’s Best Performing Real Estate Markets Aren’t Toronto Or Vancouver
Canada’s fastest growing real estate prices are in Victoria, Fraser Valley, and Guelph. Victoria made the largest advance with prices hitting $694,200 in September, up 8.71% from last year. Fraser Valley is in second with a benchmark of $860,300, up 8.48% from last year. Guelph was in third with a typical home pricing at $522,300, up 8% from last year. Click through to find out how that contrasts to Toronto and Vancouver.
Toronto Real Estate
Toronto Condo Prices Hit A New All-Time High, Sales Decline Further
The price of condo apartment in Toronto has never been higher. TREB reported the price of a typical condo reached $506,300 in September, up 10.11% from last year. The price gains are huge, but a little softer than last year due to declining sales and higher inventory. But once again, a 10% annual gain is still huge.
Vancouver Real Estate
It’s Official: Vancouver Condos Are No Longer A Seller’s Market As Inventory Soars
Vancouver condo sales are on the slide, while inventory is popping much higher. REBGV reported 812 sales in September, down 44.03% from last year. Inventory on the other hand popped over 92% during the same period. The rise of inventory and fewer sales dropped Vancouver out of a seller’s market for the first time since January 2015.
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