Reporting by Fergal Smith, editing by Deepa Babington
Real eState
Real Estate Board of Greater Vancouver reports January housing sales up 42.4 percent
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The number of residential real-estate transactions last month remained 7.3 percent below the 10-year average for January, according to the Real Estate Board of Greater Vancouver.
But sales last month were still a whopping 42.4 percent above the figure recorded in January 2019, when the housing market was in the doldrums.
“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” REBGV president Ashley Smith said in a news release. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”
The number of new listings was 17.4 percent beneath the 10-year average for January. And the number of homes listed for sale through the multiple-listing service last month was 13.7 percent below the 10-year average.
Meanwhile, the benchmark price for all residential real estate in January was $1,009,700. That’s 1.2 percent below the figure recorded a year ago, but 0.8 percent higher than in December.
The Real Estate Board of Greater Vancouver’s territory includes Whistler and the Sea to Sky corridor.
White Rock, North Delta, Surrey, and Langley are part of the Fraser Valley Real Estate Board’s territory.
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Toronto real estate plunges into 'buyers market' as sales slow and listings surge – Financial Post
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TORONTO, Oct 4 (Reuters) – Greater Toronto Area (GTA) home prices rose in September for the first time in four months, as the Bank of Canada paused its interest rate hiking campaign, but the level of sales fell to the lowest since January.
The average price of a GTA home rose 3.4% in September from August to C$1,119,428 ($816,623.87), the first increase since May, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday.
On a year-over-year basis, home prices were up 3%. Still, they have fallen 16.1% from a peak hit in February 2022.
The Canadian central bank left its benchmark rate on hold at a 22-year high of 5% last month after hiking in June and July.
“GTA home selling prices remain above the trough experienced early in the first quarter of 2023,” Jason Mercer, TRREB chief market analyst, said in a statement.
“However, we did experience a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term.”
New listings jumped 44.1% year-over-year, while home sales were down 7.1%. On a month-over-month basis, sales fell 12.3% to 4,642 homes.
($1 = 1.3708 Canadian dollars)
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