The housing markets of Toronto and Vancouver bounced back into shape in 2013. Year over year, Vancouver’s 5.5 per cent price increase in December was higher than last year’s. So was Toronto’s 4.9 per cent.
Among the reasons filed by The Star for this upsurge are homeowner concerns about the inevitable rise of mortgage rates. They want to buy now instead of later.
Toronto does face a challenge in that there seems to be more buyers than properties, as very few listings of properties are becoming available.
The performance of both regional markets has a positive effect on Canada, helping to boost national housing rates by 3.8 per cent.
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