The housing markets of Toronto are Vancouver are showing differing trajectories according to a report from RBC Econonic.
Toronto has returned to a more composed and sensible position following the implementation of the Ontario Fair Housing Plan it says. “Gone is the earlier frenzy fueled by supercharged demand conflicting with a dearth of homes available for sale,” the report notes.
In its place is a balanced market where demand has avoided fears of a sharp rise in listings and dramatic drop in sales – at least for now.
Meanwhile, in Vancouver the market is less stable as prices are rising sharply again and sellers are in control.
The economists say there is little to suggest the Vancouver price gains will slow in the near future and points to particular concern in the acceleration of condo prices.
Affordability remains a real issue in Vancouver, the report says, and this will only worsen as interest rates rise.
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