Two costly housing markets in Canada are showing some signs of recovery as the following introduction of taxes of foreign buyers in Vancouver and Toronto. But real estate market in Vancouver went off in the different directions in November.
In Toronto, number of home sales went down by 13.3% in November as compared to the same month in last year. Average price of a home was 2% lower i.e $761,757 which was lower than same month in a year earlier.
Sales bucked seasonal trend all the time and slightly rose to 7,374 transactions from October. There is a Book On Vancouver Real Estate which tells that How To Buy and Sell a home and get Profit From It.
Tim Syrianos, Board president suggested that bump of sales may have to do with some upcoming new rules of mortgage.
Syrianos in a statement said that it is possible that upcoming changes to the lending guidelines of mortgage come in effects in January have prompted households to speed up decision of buying home.
He also added that experience of Greater Vancouver shows the impact of Ontario Fair Housing Plan and foreign buyer tax, which may start to wane up. A Guide on real estate market in Vancouver is available to know more about investing in Vancouver.
Sales in Vancouver soar by 26%
Sale of residential homes in Greater Vancouver hiked by 26% in November as compared to the same month a year ago.
As per The Real Estate Board of Greater Vancouver, number of home sales was around 2,795 homes which were sold in real estate market in Vancouver , it is above around 17% of 10-year of average for region in November.
Home sales dropped by 7.5% in November as compared to October, when more than 3,000 homes were sold. Jill Oudil, Board president said that there is a demand in real estate market, with condominium and townhome markets which are very strong.
Benchmark price for some detached properties was around $1.6 million, there was an increase of 6% in home sales during November 2016.
Oudil said that there are more listings which entered in real estate market in Vancouver as compared to the last year with same time, but inventories are below some of the typical levels. Benchmark price of an apartment was nearly $648,000 in November, which increased by 24% from November 2016.