{"id":1259,"date":"2016-03-16T08:55:49","date_gmt":"2016-03-16T15:55:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1259"},"modified":"2016-03-15T09:38:16","modified_gmt":"2016-03-15T16:38:16","slug":"vancouver-toronto-markets-help-drive-home-prices-up-16-4-from-a-year-ago","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/03\/vancouver-toronto-markets-help-drive-home-prices-up-16-4-from-a-year-ago\/","title":{"rendered":"Vancouver &#038; Toronto Markets Help Drive Home Prices Up 16.4% from a Year Ago"},"content":{"rendered":"<p style=\"text-align: justify;\">OTTAWA \u2014 The Canadian Real Estate Association raised its outlook for home sales this year as the Vancouver and Toronto markets continued to charge ahead of expectations in contrast to other cities.<\/p>\n<p style=\"text-align: justify;\">CREA said Tuesday it had expected the market to cool this year with smaller price gains in BC and Ontario.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, many of the defining themes among Canadian housing markets last year have persisted, and in some cases intensified, in early 2016,\u201d it said in its updated forecast.<\/p>\n<p style=\"text-align: justify;\">CREA said it now expects sales this year to grow by 1.0% compared with earlier expectations of a 1.1% contraction.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadian resale housing market trends this year are expected to resemble those apparent in 2015, with very tight supply leading to strong price gains in British Columbia and Ontario \u2014 particularly in the Lower Mainland and in and around the Greater Toronto Area,\u201d the forecast said.<\/p>\n<p style=\"text-align: justify;\">\u201cPrice gains in these regions are expected to continue to stand in sharp contrast to moderate price declines among housing markets whose prospects are closely tied to oil and other natural resource prices.\u201d<\/p>\n<p style=\"text-align: justify;\">BC and Ontario are expected to drive the national average price up 8% to $478,100 in 2016, according to the forecast.<\/p>\n<p style=\"text-align: justify;\">The revised outlook came as CREA reported home sales in February were up 18.7% from a year ago, driven by sales in Vancouver, Toronto and Montreal.<\/p>\n<p style=\"text-align: justify;\">Vancouver and Toronto also helped pump up the national average price for a home sold in February to $503,057. Excluding those two markets, the average price was $355,235, up 8.7%.<\/p>\n<p style=\"text-align: justify;\">BMO chief economist Doug Porter said the national figures don\u2019t mean much given the big differences between cities.<\/p>\n<p style=\"text-align: justify;\">\u201cTalking about averages in Canada\u2019s housing market is like saying the weighted average temperature between the fire on my gas stove and the ice in my freezer is a mildly warm 22 degrees \u2014 it\u2019s meaningless,\u201d Porter said in a research note.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Canadian housing market remains a tale of three solitudes \u2014 the uber-strength in Vancouver and Toronto (and surrounding cities in both regions), ice-cold conditions in markets exposed to oil prices, and the just-right middle markets in almost every other region.\u201d<\/p>\n<p style=\"text-align: justify;\">On a month-over-month basis, home sales in February were up 0.8% from January. The increase compared came as a majority of the housing markets tracked posted a monthly drop in sales.<\/p>\n<p style=\"text-align: justify;\">Sales in the Greater Toronto Area as well as gains in BC\u2019s Okanagan and Fraser Valley regions helped the overall sales rise despite lower sales in Edmonton, Greater Moncton and Montreal.<\/p>\n<p style=\"text-align: justify;\">The number of newly listed homes went up 0.5% in February compared with January, helped by new listings in BC\u2019s Lower Mainland as well as the York and Mississauga regions near Toronto and Hamilton-Burlington.<\/p>\n<p style=\"text-align: justify;\">The national sales-to-new listings ratio rose to 59.5% in February, its highest point since November 2009, compared with 59.3% the previous month.<\/p>\n<p style=\"text-align: justify;\">CREA says a ratio between 40 and 60 percent is generally consistent with balanced housing market conditions.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/vancouver-and-toronto-markets-help-drive-home-prices-up-16-4-from-a-year-ago\" target=\"_blank\">Vancouver &amp; Toronto Markets Help Drive Home Prices Up 16.4% from a Year Ago<\/a> by Craig Wong | The Canadian Press | National Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OTTAWA \u2014 The Canadian Real Estate Association raised its outlook for home sales this year as the Vancouver and Toronto markets continued to charge ahead of expectations in contrast to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/03\/vancouver-toronto-markets-help-drive-home-prices-up-16-4-from-a-year-ago\/\">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-1259","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver &amp; Toronto Markets Help Drive Home Prices Up 16.4% from a Year Ago &#8226; 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\/2016\/03\/vancouver-toronto-markets-help-drive-home-prices-up-16-4-from-a-year-ago\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver &amp; Toronto Markets Help Drive Home Prices Up 16.4% from a Year Ago &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"OTTAWA \u2014 The Canadian Real Estate Association raised its outlook for home sales this year as the Vancouver and Toronto markets continued to charge ahead of expectations in contrast to &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/03\\\/vancouver-toronto-markets-help-drive-home-prices-up-16-4-from-a-year-ago\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/03\\\/vancouver-toronto-markets-help-drive-home-prices-up-16-4-from-a-year-ago\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Vancouver &#038; 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