December existing home sales sent total Canadian residential real estate sales to a record high of $263-billion in 2016, up a monumental 17.7 % from the year prior, with increases in both volume and transaction price terms.
That being said, the marginal slowdown in certain pockets of the Canadian market continues as overall sales rose by 2.2%, but we see further data that exhibits the slowdown from August in the Vancouver market.
Prices there are down approximately 4% from the top as transactions decline.
In relation to the foreign buyer tax, the broader Vancouver price index was up a cooled 17.8% year over year, while Victoria’s market continued on its tear, up 21% from the year prior.
How this market will shape up in the year ahead will be the interesting question.
With Toronto and Vancouver making up more than half of this year’s increase in transaction volume, 2017 may see Toronto as the lone hot major market for the time being.