{"id":1742,"date":"2016-04-26T10:10:50","date_gmt":"2016-04-26T17:10:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1742"},"modified":"2016-04-25T13:18:43","modified_gmt":"2016-04-25T20:18:43","slug":"as-toronto-vancouver-prices-keep-rising-househunters-are-turning-to-these-nearby-real-estate-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/as-toronto-vancouver-prices-keep-rising-househunters-are-turning-to-these-nearby-real-estate-markets\/","title":{"rendered":"As Toronto &#038; Vancouver Prices Keep Rising, Househunters Are Turning to These Nearby Real Estate Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s a vicious cycle \u2014 house-hunters in expensive markets turn to cheaper ones in outlying regions, and this demand pulls up prices there, too \u2014 and it\u2019s playing out in Ontario and British Columbia, suggests a new report.<\/p>\n<p style=\"text-align: justify;\">As home prices in Toronto and Vancouver continue to fly higher, potential buyers are eyeing properties in a number of smaller cities nearby, some of which are now in turn seeing eye-popping price growth themselves, according to the RE\/MAX 2016 Spring Market Trends Report.<\/p>\n<p style=\"text-align: justify;\">\u201cOutside of Vancouver and Toronto, surrounding regions continue to experience a spillover effect as buyers move farther out in search of affordable single-family homes,\u201d the report said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe population growth in these regions, driven by housing demand, is growing local economies as restaurants, shops, and services expand,\u201d said RE\/MAX.<\/p>\n<p style=\"text-align: justify;\">It was Fraser Valley \u2014 not the Greater Toronto Area (GTA) or Vancouver \u2014 that posted the strongest year-over price growth in the first quarter of 2016, the real estate company found.<\/p>\n<p style=\"text-align: justify;\">The average sale price of a Fraser Valley home soared 31% to $719,992 in Q1, compared to the same period a year ago, while sales surged 66%.<\/p>\n<p style=\"text-align: justify;\">\u201cFraser Valley\u2019s proximity to metro Vancouver makes the region a popular spot for buyers looking for relatively affordable and spacious properties,\u201d the real estate brokerage said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe pending expansion of Highway One is expected to reduce the Valley corridor commute and attract more buyers to the region,\u201d RE\/MAX forecasted.<\/p>\n<p style=\"text-align: justify;\">With a 24% price surge during this period to $1,103, 586, Greater Vancouver (the most expansive of 22 markets included in the report) followed, placing ahead of the GTA, where prices reached $675,492, up 14% in a year.<\/p>\n<p style=\"text-align: justify;\">Ontario\u2019s capital had company: Barrie and its surrounding area\u2019s prices appreciated at the same rate, in line with the trend the real estate company identified.<\/p>\n<p style=\"text-align: justify;\">But though Barrie\u2019s average home price shot up 14% year-over-year in Q1 to $401,801 while transactions climbed 27%, it is still a much more affordable alternative to Toronto.<\/p>\n<p style=\"text-align: justify;\">RE\/MAX expects low gas prices, which makes commutes cheaper, to help support demand for homes in this market just to the north of the GTA.<\/p>\n<p style=\"text-align: justify;\">It calls for prices to rise 7% here by 2016\u2019s end as the low Canadian dollar helps turns the gears of the city\u2019s manufacturing industry, creating local jobs.<\/p>\n<p style=\"text-align: justify;\">Windsor-Essex, with an average price of $211,211 the second-most affordable market, saw appreciation track at 11%, making it home to the fifth-fastest rising prices from coast to coast.<\/p>\n<p style=\"text-align: justify;\">\u201cUnlike some regions in Southwestern Ontario that are closer to Toronto, first-time buyers in Windsor-Essex still have a robust supply of affordable inventory,\u201d RE\/MAX said.<\/p>\n<p style=\"text-align: justify;\">The number of homes changing hands in Windsor-Essex rose 19 per cent in 2016\u2019s first quarter, compared to activity from January to March 2015.<\/p>\n<p style=\"text-align: justify;\">\u201cAlongside renewed consumer confidence and healthy job prospects, low interest rates are making Windsor-Essex a very attractive place for young families to live,\u201d the report explained.<\/p>\n<p style=\"text-align: justify;\">Victoria and Winnipeg were the only other markets to register double-digit appreciation, with average prices in both markets increasing 10%.<\/p>\n<p style=\"text-align: justify;\">In Q1, the average price of a home in Victoria was $543,564 while it reached $300,011 in Winnipeg.<\/p>\n<p style=\"text-align: justify;\">\u201cVictoria experienced a very active housing market at the start of 2016, with sales up 48% between January and March,\u201d RE\/MAX noted.<\/p>\n<p style=\"text-align: justify;\">Price gains in markets beyond Toronto and Vancouver\u2019s borders are noticeable on a national level, said Elton Ash, vice president of the realty firm\u2019s western Canada branch, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cThe ripple effect on the housing markets outside of Toronto and Vancouver is quite significant when you look at the Canadian housing market overall,\u201d he stated.<\/p>\n<p style=\"text-align: justify;\">\u201cAs a result, when you remove Toronto and Vancouver from the equation, the national average house price still rose approximately 10% last year.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/04\/toronto-vancouver-prices-househunters-turning-nearby-real-estate.html\" target=\"_blank\">As Toronto &amp; Vancouver Prices Keep Rising, Househunters Are Turning to These Nearby Real Estate Markets <\/a>by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a vicious cycle \u2014 house-hunters in expensive markets turn to cheaper ones in outlying regions, and this demand pulls up prices there, too \u2014 and it\u2019s playing out in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/as-toronto-vancouver-prices-keep-rising-househunters-are-turning-to-these-nearby-real-estate-markets\/\">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-1742","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>As Toronto &amp; Vancouver Prices Keep Rising, Househunters Are Turning to These Nearby Real Estate Markets 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