Toronto Houses Overpriced? Look at what’s going on in Vancouver!
…”detached two-storey properties sold in the Vancouver region, the median price was $1.42-million in the first quarter. That compares with $724,901 in the Toronto area” (Royal LePage)
Over past year, two-story prices increased: 23.6 % in Vancouver, 9.3 % in the GTA
Within the City: median price for 2-storey house:
- Vancouver: $2.37-million – 30 % increase
- Toronto: $912,131 , 6.7% increase
Median prices for condos :
- $487,300 – Greater Vancouver – 9.5% increase
- $366,714 – Greater Toronto – 4.5% increase
What will cool off housing markets? According to Robert Kavcic, senior economist at BMO Nesbitt Burns Inc:
- higher interest rates
- more housing supply
- an economic slowdown
- increased unemployment would cool off housing markets.
- but he didn’t see signs in March housing statistics that would point to a slowdown in price hikes
For the full article, see: Vancouver and Toronto Real Estate Markets
For more information on homes in Toronto, contact us or Christine Ng, Broker, Royal Lepage Signature tochristineng@gmail.com
Toronto Real Estate Prices compared to Vancouver