The bloated cost of housing in Vancouver and Toronto has raised concerns among market analysts about a potential correction. Presumably, people in Canada are also worried about the price of housing.
"Surging sales in the piping hot real estate markets of Vancouver and Toronto last month prompted one of Canada's big banks to express concerns Tuesday that the cities may be at risk of a home price correction," reports Alexandra Posadzki.
"The Canadian Real Estate Association reported Tuesday that sales of existing homes rose by eight per cent in January compared to a year ago, while the national average home price soared 17 per cent," adds Posadzki.
The prices for Vancouver and Toronto outpaces even those dramatic increases, according to Posadzki. "The average sale price in greater Vancouver rose 32.3 per cent year-over-year to nearly $1.1 million, while in greater Toronto it climbed 14.2 per cent to $631,092."
The article includes more details about the Canadian housing market, especially in Ontario and British Columbia, as well as speculation about what a market correction would look like.
In a separate article, Justin Hunter and Mike Hager report on the provincial budget process in British Columbia, where politicians promised relief on the cost of home ownership. "The reality, say academics and economists, is that the measures will do little to allow those families to get into Metro Vancouver’s superheated real estate market," according to the article.
Specifically, the budget approved this week, "increases the Property Transfer Tax on properties sold for more than $2-million, from the current 2 per cent to a rate of 3 per cent. That change is expected to pay for a new exemption from the tax on new homes sold for up to $750,000, a measure that was crafted to encourage more new home construction."
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