International

Spring has sprung in Toronto and Vancouver, Canada’s biggest housing markets

Expected seasonal boost in sales accompanied by strong price appreciation
Published on Mar 7, 2014

This article by OPP Connect editor Adrian Bishop was originally posted on OPP Connect.Prices and volumes in Canada’s two main cities are both rising, the latest figures show, boosted by the promise of spring and a more active market.Volumes in Vancouver, British Columbia, rose by a healthy 40.8 percent year over year to 2,530 Greater Vancouver home sales on the multiple listing service, according to the Real Estate Board of Greater Vancouver (REBGV). The total was in line with the 10-year average.The benchmark average price rose 3.2 percent annually to $609,100 (Canadian), the detached single-family homes fetching $932,900, up 3.5 percent year over year, says the MLS Home Price Index.REBGV President Sandra Wyant says, “Homebuyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market. We typically see homebuyers become more active in and around the spring months.”One reason for the higher pricing could be that the...

Comments