This time of month there is one market that steals our attention, perhaps there’s a second, and they are the Vancouver and Toronto housing markets.
Obviously, we’re closely monitoring the activity in the local housing market – and then watching Toronto as the local real estate boards have released sales for the prior month
One can almost say there’s a new temporary status quo for Vancouver, as the familiar story for three months now has been prices holding in the ball park of a couple per cent, but sales falling off a cliff from year-ago levels, dragged down by the number of sales of single family detached homes changing hands.
That number is down almost 55%, and dragging total residential sales down 39% as this market loses liquidity.
Moving east, there are similarities between Toronto today and the Vancouver market of a year ago in one particular factor: the effect the demand in the urban core is having on the suburban markets.
There was particularly hot sales activity in the suburban markets of the GTA in October.