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