A real estate agent puts up a “sold” sign in front of a house in Toronto. THE CANADIAN PRESS/Darren Calabrese

Vancouver, Toronto see home sale gains in October, but prices diverge

Greater Vancouver home sales were up by 45.4 per cent compared with a year earlier

Home sales in Canada’s two most valuable real estate regions rose in October as a rebound in the market continued due in part to falling interest rates.

Greater Vancouver home sales were up by 45.4 per cent in the month compared with a year earlier, while Greater Toronto Area home sales were up by 14 per cent.

Gains for the Vancouver area followed a similar jump in September and mark the fourth month in a row of rising sales after significant declines at the start of the year.

Toronto-area home sales were also rebounding from declines at the start of the year, though they were much more moderate than what Vancouver went through.

Toronto Real Estate Board president Michael Collins said home sales have been helped along by the economy and population gains.

“A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home,” he said in a statement.

For Toronto, the strong demand and economy have pushed home prices higher. The composite benchmark price rose by 5.8 per cent in October for the strongest annual growth rate since December 2017, while the average selling price was up 5.5 per cent to $852,142.

In Vancouver, sales have been boosted in part by price declines.

The Real Estate Board of Greater Vancouver said the composite benchmark price was down by 6.4 per cent from a year ago to $992,900, and down 1.7 per cent over the past six months.

Buyers are returning to the market with more confidence than the first half of the year, said Ashley Smith, president of the Vancouver area board.

“With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”

The Vancouver-area market has seen a steeper correction in recent years after the provincial government introduced numerous measures including a foreign buyer tax meant to cool the market. Ontario also imposed a foreign buyer tax but has not imposed the vacant home and other speculation taxes imposed in B.C.

KEEP READING: Canadian Real Estate Association upgrades 2019 sales forecast to show 1.2% improvement

RBC senior economist Robert Hogue said Vancouver home prices, while still down from a year earlier, are up month-to-month for a third straight time and could turn positive for year-over-year growth by late spring next year to also be noticed by policy-makers.

The federal Liberals also promised during the election campaign to impose a one-per-cent speculation and vacancy tax for properties owned by non-resident, non-Canadians.

Real estate markets have seen a boost this year as fixed mortgage rates have fallen for much of the year after climbing for much of the past two years.

Ian Bickis, The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Caledonia Sled Race organizer says volunteers from the community make the race possible

The Caledonia Classic Sled Races marked their silver jubilee this year

Northern Health recommends self-quarantine for people returning from Hubei

The healthcare provider said it isn’t neccessary for healthy children to wear face masks

Wet’suwet’en return to camps near Houston, Coastal GasLink workers move through: First Nation

Opponents of a pipeline who support the Wet’suwet’en hereditary chiefs have reoccupied camps at centre of arrests

Risk of coronavirus low for British Columbians: Northern Health

The agency wrote a letter to parents and guardians on Feb. 11 giving them advice and recommendations around the 2019 coronavirus

B.C. officials meet Wet’suwet’en chiefs over gas pipeline protest

Federal government needed to lift CN Rail blockade

VIDEO: Minister reports ‘modest progress’ after blockade talks with First Nation

Wet’suwet’en hereditary chiefs say Coastal GasLink does not have authority to go through their lands

Henrique scores 2 as Ducks soar past Canucks 5-1

Vancouver tumbles out of top spot in Pacific Division

Trudeau cancels Caribbean trip amid pipeline protests across Canada

Protests against Coastal GasLink have disrupted rail service

B.C. VIEWS: Inaction on pipeline protests not a viable response

Columnist Frank Bucholtz on how the Coastal GasLink pipeline dispute got so bad

PHOTOS: Top 10 memories of the 2010 Olympics

Black Press Media’s Jenna Hauck, shares some of her most memorable images of 2010 Winter Games

#FoxForFiver: Support grows in B.C. to put Terry Fox on new $5 bill

Terry Fox’ Marathon of Hope raised money for cancer research

Registration opens soon for BC 55+ Games in Richmond

2020 55+ Games have been officially scheduled for Sept. 15 to 19

Trudeau confers with cabinet ministers as rail blockades continue

The Trudeau government has been criticized for not doing more to end the blockades

Canadian nurses’ unions warn national standards for coronavirus protection too low

President says safety protocols nationwide are inadequate compared to those in Ontario and other countries

Most Read