The two hottest housing markets in the country appear to be heading in opposite directions even though they are suffering from the same, fundamental problem – under supply.
July sales in Greater Vancouver dropped nearly 27% compared to June and were off 19% from a year ago. Prices, though, continued their unprecedented climb. MLS figures show a jump of nearly 33% from a year ago. The average price of a home (all forms) topped $930,000. New listings dropped nearly 11% fr…om June but remain 2.5% higher than a year ago.
Toronto saw both prices and sales jump in July; 9,989 homes sold is a record for the month. The MLS price index showed a 16.6% jump in the average home price (all forms) to nearly $710,000. However, the number of new listings continues to decline.
Montreal registered a 3.0% sales increase last month compared to a year earlier along with a corresponding 3.0% increase in the median price, to $300,000.
Thank you First National for this Residential Market Commentary
Aug 10, 2016, 09:27 AM by Maria Broekhof