Alberta’s housing market cools, while Toronto and Vancouver boom

Despite the cooling figures of Alberta’s housing market, the opposite could be seen in Toronto and Vancouver, thanks to lower borrowing costs.
Data from the Canadian Real Estate Association (CREA) showed weakness in home sales for Alberta.
New listings went up by 37% but sales fell 39% in Calgary last year. Edmonton’s inventory, on the other hand, rose 35% in January.
“If these two markets are removed from national totals, combined sales activity remained 1.9% above year-ago levels,” said CREA’s chief economist Gregory Klump.
CREA said national home sales dropped 3.1% from December to January – the second month of consecutive declines.
However, year-over-year price gains are picking up in Toronto and Vancouver.
The Toronto Real Estate Board (TREB) has seen 14.9% sales increase for the first two weeks of February alone, compared to the same period in 2014. The average selling price also went up by 10.3% year-over-year to $602,110.
“While home prices are higher compared to this time last year, borrowing costs are lower. Home buyers are still finding affordable options to meet their housing needs,” said TREB president Paul Etherington.
Meanwhile, Vancouver’s home sales also soared 8.7% from January 2014 and are almost 15% higher than the 10-year sales average for January.

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