When it comes to housing markets, Vancouver and Toronto are poles apart. The March update on housing sales suggest signs of some stability in Toronto’s market, where almost the same number of units were sold in March 2019 as in March 2018.
Ashley Smith, president of the Real Estate Board of Greater Vancouver, believes that housing “demand today isn’t aligning with our growing economy and low unemployment rates.” She holds regulatory changes responsible for the declining market trends in the greater Vancouver. The MLS Home Price Index composite benchmark price for Vancouver, which compares prices of similar homes over time, was down by 7.7 per cent year-over-year in March 2019. The benchmark price for detached homes at $1.43 million was down by 10.5 per cent . Prices of condominiums and attached homes were also down.
Buyers in Vancouver could also be looking at the long-term trends in housing prices. Despite the recent declines, the benchmark prices in Vancouver are up by 61 per cent over five years and 102.5 per cent over 10 years. If housing prices in Vancouver had risen rapidly in the past 10 years, buyers might be expecting the prices to regress further towards the long-term average.
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