{"id":3608,"date":"2016-10-07T11:11:26","date_gmt":"2016-10-07T18:11:26","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3608"},"modified":"2016-10-07T09:38:01","modified_gmt":"2016-10-07T16:38:01","slug":"expect-higher-toronto-home-prices-a-vancouver-correction","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/10\/expect-higher-toronto-home-prices-a-vancouver-correction\/","title":{"rendered":"Expect Higher Toronto Home Prices &#038; a Vancouver Correction"},"content":{"rendered":"<p style=\"text-align: justify;\">A leading Canadian economist has charted why he says Toronto homes may only get more expensive in the coming months and how Vancouver\u2019s market appears to be correcting.<\/p>\n<p style=\"text-align: justify;\">Robert Kavcic, a senior economist with Bank of Montreal, has plotted long-term monthly sales-to-new listings ratios for the two big housing markets, which have been the country\u2019s hottest all year.<\/p>\n<p style=\"text-align: justify;\">Kavcic says the ratios, calculated by dividing sales by new listings and expressed as a percentage, are a \u201cproxy of market balance.\u201d<\/p>\n<p style=\"text-align: justify;\">The Canadian Real Estate Association explains ratios between 40 and 60 per cent suggest a balanced market, while anything above ventures into a tighter seller\u2019s market and ratios below indicate markets with higher supply levels, thus favouring buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cNotably, sales-to-new listings ratios\u2026 have gone in opposite directions in recent months, with Vancouver quickly loosening up, while sellers remain in firm control in Toronto,\u201d Kavcic writes in a note published this morning.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/toronto-vancouver-sales-to-new-listings.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-3611\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/toronto-vancouver-sales-to-new-listings-300x233.jpg\" alt=\"toronto-vancouver-sales-to-new-listings\" width=\"558\" height=\"433\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/toronto-vancouver-sales-to-new-listings-300x233.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/toronto-vancouver-sales-to-new-listings-768x597.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/toronto-vancouver-sales-to-new-listings.jpg 932w\" sizes=\"auto, (max-width: 558px) 100vw, 558px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s sales-to-new listing ratio was 90% earlier this year, according to CREA. So, for every 10 homes listed in a month, there were nine sales.<\/p>\n<p style=\"text-align: justify;\">As of August, the ratio had plummeted to the mid-50-per-cent range in Vancouver, while Toronto\u2019s was above 70%.<\/p>\n<p style=\"text-align: justify;\">\u201cIf this is any guide, price growth could accelerate further in Toronto in the months ahead, while Vancouver is already likely in correction mode,\u201d says Kavcic.<\/p>\n<p style=\"text-align: justify;\">Last month, the benchmark price of a Toronto home was $669,300, up a blazing 18% from year-ago levels and 1% above the month prior.<\/p>\n<p style=\"text-align: justify;\">The Metro Vancouver benchmark home price was $931,900 in September. Although that\u2019s a soaring 28.9% increase from a year ago, the benchmark price is down 0.1% from August.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile Vancouver\u2019s housing market continued to soften in September, Toronto remained drum tight,\u201d Kavcic adds.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/10\/higher-toronto-home-prices-vancouver-correction.html\" target=\"_blank\">This Chart Shows Why You Should Expect Higher Toronto Home Prices &amp; a Vancouver Correction<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A leading Canadian economist has charted why he says Toronto homes may only get more expensive in the coming months and how Vancouver\u2019s market appears to be correcting. Robert Kavcic, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/10\/expect-higher-toronto-home-prices-a-vancouver-correction\/\">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-3608","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>Expect Higher Toronto Home Prices &amp; a Vancouver Correction &#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\/10\/expect-higher-toronto-home-prices-a-vancouver-correction\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Expect Higher Toronto Home Prices &amp; a Vancouver Correction &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A leading Canadian economist has charted why he says Toronto homes may only get more expensive in the coming months and how Vancouver\u2019s market appears to be correcting. 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