{"id":19386,"date":"2022-02-16T10:10:00","date_gmt":"2022-02-16T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19386"},"modified":"2022-02-07T12:10:04","modified_gmt":"2022-02-07T20:10:04","slug":"toronto-overtakes-vancouver-despite-benchmark-prices-hitting-record-high","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/02\/toronto-overtakes-vancouver-despite-benchmark-prices-hitting-record-high\/","title":{"rendered":"Toronto Overtakes Vancouver Despite Benchmark Prices Hitting Record High"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s not a crown any Canadian city wishes to lay claim to, but Vancouver is \u2013 for now \u2013 giving up its title as the country\u2019s most expensive real estate market.<\/p>\n<p style=\"text-align: justify;\">Toronto has overtaken Vancouver as of January, according to a new report from the Royal Bank of Canada (TSX:RY).<\/p>\n<p style=\"text-align: justify;\">It\u2019s not because Vancouver\u2019s housing market has suddenly come back down to Earth, but because Toronto has become that much more unaffordable.<\/p>\n<p style=\"text-align: justify;\">RBC data shows the Greater Toronto Area\u2019s composite MLS Home Price Index (HPI) benchmark hit $1.260 million last month compared with Metro Vancouver\u2019s benchmark of $1.255 million. That $1.255 figure is still a record high for the region.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a stunning development though not entirely surprising considering how hot the Toronto-area market has become, especially since the fall,\u201d RBC senior economist Robert Hogue said in a report published Friday.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver prices have accelerated as well, just not to the same extent.\u201d<\/p>\n<p style=\"text-align: justify;\">Vancouver&#8217;s HPI increased 18.5% on an annual basis last month, while Toronto saw a 33.3% increase. The Fraser Valley saw a 37.4% increase.<\/p>\n<p style=\"text-align: justify;\">\u201cSolid demand and a dearth of supply kept conditions steamy in Canada\u2019s major markets,\u201d Hogue said, adding this is the first time in decades Toronto\u2019s benchmark price has surpassed Vancouver\u2019s.<\/p>\n<p style=\"text-align: justify;\">\u201cRock-bottom inventories continue to be a major irritant for [Vancouver] buyers as we enter 2022.\u201d<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada is widely expected to hike its overnight rate next month, which could temper the real estate market somewhat. But buyers will still have to contend with low inventory.<\/p>\n<p style=\"text-align: justify;\">\u201cOur view is that activity will stay exceptionally strong in the near term nationwide though we expect the Bank of Canada\u2019s rate liftoff will start cooling things down later this year,\u201d Hogue said, referring to national trends.<\/p>\n<p style=\"text-align: justify;\">\u201cAccompanied by an expected material increase in housing completions, we believe this will gradually ease the extreme imbalance in the market and in time moderate the pace of price appreciation.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2022\/02\/stunning-development-vancouver-no-longer-canadas-priciest-housing-market\" target=\"_blank\" rel=\"noopener\">RBC &#8220;Stunning Development&#8221; : Vancouver No Longer Canada&#8217;s Priciest Housing Market<\/a> by Tyler Orton | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s not a crown any Canadian city wishes to lay claim to, but Vancouver is \u2013 for now \u2013 giving up its title as the country\u2019s most expensive real estate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/toronto-overtakes-vancouver-despite-benchmark-prices-hitting-record-high\/\">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-19386","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>Toronto Overtakes Vancouver Despite Benchmark Prices Hitting Record High &#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\/2022\/02\/toronto-overtakes-vancouver-despite-benchmark-prices-hitting-record-high\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Toronto Overtakes Vancouver Despite Benchmark Prices Hitting Record High &#8226; 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