{"id":10056,"date":"2018-08-17T08:08:03","date_gmt":"2018-08-17T15:08:03","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10056"},"modified":"2018-08-13T13:34:02","modified_gmt":"2018-08-13T20:34:02","slug":"why-torontos-housing-market-is-heating-up-as-vancouver-continues-to-stall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/why-torontos-housing-market-is-heating-up-as-vancouver-continues-to-stall\/","title":{"rendered":"Why Toronto’s Housing Market is Heating Up as Vancouver Continues to Stall"},"content":{"rendered":"

Earlier this year, Toronto\u2019s home sales took a serious plunge, while the Vancouver market remained relatively stable. Last month, that trend looked like it was starting to reverse.<\/p>\n

Sales jumped 18.6% in the GTA in July, while the average selling price rose 4.8% year-over-year to $782,129.<\/p>\n

At the same time, Vancouver saw home sales drop to their lowest level in 18 years, with a 30% year-over-year drop.<\/p>\n

\u201cIn the GTA home sales were up 6.6% in July, leaving the sales to listings ratio above 50, up from a trough of 44 in March, while average prices rose 3.1% month-over-month,\u201d writes TD senior economist Josh Marple in a recent note.<\/p>\n

The data supports the forecasts of many economists, who have long predicted that the Toronto market would begin to warm up heading into the fall.<\/p>\n

\u201cThis fits our broad narrative that the second half of 2018 would begin to witness stronger housing figures as the transitory shock from tightened [mortgage rules],\u201d writes Scotiabank Economics Vice President Derek Holt, in a note.<\/p>\n

Vancouver, on the other hand, is struggling to deal with stricter foreign buyer rules, imposed earlier this year.
\nTD\u2019s Marple notes that Vancouver\u2019s slumping activity wasn\u2019t limited to just sales.<\/p>\n

\u201cIn the GVA, meanwhile ….. growth in quality-adjusted home prices (the only reported metric) slowed to its softest pace since 2015,\u201d he writes.<\/p>\n

Real Estate Board of Greater Vancouver president Phil Moore attributes the sinking prices to a lack of demand.<\/p>\n

\u201cWith fewer buyers active in today\u2019s market, we\u2019re seeing less upward pressure on home prices across the region,\u201d he writes, in a statement.<\/p>\n

According to Moore, demand is softest in the detached home market, but condos are also suffering the effects of a lack of buyer interest.<\/p>\n

Meanwhile, the city\u2019s housing supply is starting to creep upwards. There were 12,137 homes on the market in July, up 32% year-over-year.<\/p>\n

Here’s Why Toronto’s Housing Market is Heating Up as Vancouver Continues to Stall<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Earlier this year, Toronto\u2019s home sales took a serious plunge, while the Vancouver market remained relatively stable. Last month, that trend looked like it was starting to reverse. Sales jumped … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10056","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nWhy Toronto's Housing Market is Heating Up as Vancouver Continues to Stall • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/why-torontos-housing-market-is-heating-up-as-vancouver-continues-to-stall\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Why Toronto's Housing Market is Heating Up as Vancouver Continues to Stall • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Earlier this year, Toronto\u2019s home sales took a serious plunge, while the Vancouver market remained relatively stable. 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