A real estate agent puts up a “sold” sign in front of a house in Toronto. THE CANADIAN PRESS/Darren Calabrese

Vancouver, Toronto see home sale gains in October, but prices diverge

Greater Vancouver home sales were up by 45.4 per cent compared with a year earlier

Home sales in Canada’s two most valuable real estate regions rose in October as a rebound in the market continued due in part to falling interest rates.

Greater Vancouver home sales were up by 45.4 per cent in the month compared with a year earlier, while Greater Toronto Area home sales were up by 14 per cent.

Gains for the Vancouver area followed a similar jump in September and mark the fourth month in a row of rising sales after significant declines at the start of the year.

Toronto-area home sales were also rebounding from declines at the start of the year, though they were much more moderate than what Vancouver went through.

Toronto Real Estate Board president Michael Collins said home sales have been helped along by the economy and population gains.

“A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home,” he said in a statement.

For Toronto, the strong demand and economy have pushed home prices higher. The composite benchmark price rose by 5.8 per cent in October for the strongest annual growth rate since December 2017, while the average selling price was up 5.5 per cent to $852,142.

In Vancouver, sales have been boosted in part by price declines.

The Real Estate Board of Greater Vancouver said the composite benchmark price was down by 6.4 per cent from a year ago to $992,900, and down 1.7 per cent over the past six months.

Buyers are returning to the market with more confidence than the first half of the year, said Ashley Smith, president of the Vancouver area board.

“With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”

The Vancouver-area market has seen a steeper correction in recent years after the provincial government introduced numerous measures including a foreign buyer tax meant to cool the market. Ontario also imposed a foreign buyer tax but has not imposed the vacant home and other speculation taxes imposed in B.C.

KEEP READING: Canadian Real Estate Association upgrades 2019 sales forecast to show 1.2% improvement

RBC senior economist Robert Hogue said Vancouver home prices, while still down from a year earlier, are up month-to-month for a third straight time and could turn positive for year-over-year growth by late spring next year to also be noticed by policy-makers.

The federal Liberals also promised during the election campaign to impose a one-per-cent speculation and vacancy tax for properties owned by non-resident, non-Canadians.

Real estate markets have seen a boost this year as fixed mortgage rates have fallen for much of the year after climbing for much of the past two years.

Ian Bickis, The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

North Thompson Community foundation spreads the wealth

Funds will be used by recipients for various operations and programs

Back in Time

Historical Perspective

Clearwater food bank receives donation from tree planting group

Dynamic Reforestation out of Williams Lake donated $1,400 in light of International Hunger Day

No active confirmed COVID-19 cases in Interior Health: BCCDC

Numbers from the BCCDC’s dashboard show 193 of the 195 COVID-19 cases in the region have recovered

Cariboo ranchers, lodge operators say Indigenous land title shuts them out

Tsilhqot’in jurisdiction affects grazing, access to private property

MAP: Dr. Henry reveals which B.C. regions have seen most COVID-19 cases

B.C. health officials release a first look at how the novel coronavirus has reached all corners of the province

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

Plan in place for BC Ferries to start increasing service levels

Ferry corporation reaches temporary service level agreement with province

B.C. starts to see employment return under COVID-19 rules

Jobless rate for young people still over 20% in May

Williams Lake RCMP capture fugitive walking along Highway 97 in city limits

Witness said they could hear police yelling for suspect to ‘get down’

Kelowna Mountie on desk duty following ‘aggressive’ arrest

The officer involved in an arrest that took place on May 30 in Kelowna has been placed on administrative duties

Protests shift to memorializing George Floyd amid push for change

‘There is something better on the other side of this,’ says Atlanta Mayor Keisha Lance Bottom

Limit gun capacity to five bullets, victims group urges Trudeau government

Current limits are generally five bullets for hunting rifles and shotguns and 10 for handguns.

Vancouver Island’s current COVID-19 case count officially hits zero

Of the 130 recorded Island Health cases, five people have died, 125 recovered

Most Read