Sales have tumbled in Canada’s two most expensive housing markets as buyers and sellers sit on the sidelines waiting to see whether each region is heading toward stability or continuing volatility.
Residential sales volume last month fell 22 per cent in the Greater Toronto Area, compared with May, 2017, while the number of properties changing hands in Greater Vancouver dropped 35 per cent.
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The benchmark price for residential properties in Greater Vancouver rose to a record $1,094,000 last month, despite the decline in sales volume. The benchmark price is an industry representation of the typical home sold in an area.
“The scale of the housing policy changes so far is not large enough to fundamentally change the dynamics in Vancouver,” said Alex Hemingway, public policy finance analyst at the Canadian Centre for Policy Alternatives.