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

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

In 1903, if you were looking north down First Avenue with Alberni in the distance, this is what you would have seen. Scattered houses along River Road are visible, as is the corner of Watson Block building in the lower lefthand corner of the photograph. This photo is part of the 24,000 online collection of the Alberni Valley Museum. View this one and more at https://portalberni.pastperfectonline.com. (PHOTO PN02975 COURTESY ALBERNI VALLEY MUSEUM)
LOOK BACK: Historic street scenes of Port Alberni

Take a peek back in time with the Alberni Valley Museum’s digital archives

This photo shows Franklin River Camp "B" circa 1940. Logging was started in the Franklin River area by Bloedel, Stewart & Welch in 1934. This is one of 42 photos of the Franklin River area, donated together in an album put together by the donor's husband, Stanley Young. Young worked as a highrigger in the Franklin River area from 1939-46. This is one of 24,000 photos contained in the Alberni Valley Museum’s digital archives, available for public viewing at https://portalberni.pastperfectonline.com. (PHOTO PN10830 COURTESY ALBERNI VALLEY MUSEUM)
LOOK BACK: Logging along Franklin River

Take a peek at Alberni Valley history with the Alberni Valley Museum

Getting enough Vitamin D can be challenging for Canadians, especially during winter months. (CONTRIBUTED)
ACTIVE LIVING: The ‘sunshine vitamin’ plays a vital role in our health

Port Alberni registered dietitian Sandra Gentleman writes about health issues

Courtenay-Alberni NDP MP Gord Johns gives a thumbs up to active transportation during a presentation of the Alberni Valley Chamber of Commerce's Bike SEAT program at McLean Mill National Historic site in Port Alberni on April 16, 2021. (SUSAN QUINN/ Alberni Valley News)
QUINN’S QUIPS: MP Gord Johns takes victory ride for cycling strategy

Johns gained a reputation as the bicycle-riding MP during his first year

A B.C. Centre for Disease Control map showing new COVID-19 cases by local health area for the week of April 25-May 1. (BCCDC image)
Vancouver Island’s COVID-19 case counts continue to trend down

Fewer than 200 active cases on the Island, down from highs of 500-plus earlier this spring

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Pieces of nephrite jade are shown at a mine site in northwestern B.C. in July 2019. THE CANADIAN PRESS/HO-Tahltan Central Government MANDATORY CREDIT
Indigenous nation opposes jade mining in northwestern B.C.

B.C.’s Mines Act requires operators to prepare a plan to protect cultural heritage resources

The body of Brenda Ware, 35, was found along Highway 93 in Kootenay National Park on Thursday, May 6, 2021. (RCMP handout)
RCMP ask for tips after woman’s body found in Kootenay National Park

Brenda Ware was found along Highway 93 in the park, 54 kilometres north of the town of Radium

People pass the red hearts on the COVID-19 Memorial Wall mourning those who have died, opposite the Houses of Parliament on the Embankment in London, Wednesday, April 7, 2021. On May 3, the British government announced that only one person had died of COVID-19 in the previous 24 hours. THE CANADIAN PRESS/AP-Kirsty Wigglesworth
For a view of a COVID-19 future, Canadians should look across the pond

Britain, like Canada, is one of the only countries in the world to delay second doses for several months

Edmonton Oilers’ Connor McDavid (97) celebrates his 100th point this season with Leon Draisaitl (29) against the Vancouver Canucks during second period NHL action in Edmonton on Saturday, May 8, 2021.THE CANADIAN PRESS/Jason Franson
Edmonton superstar McDavid hits 100-point mark as Oilers edge Canucks 4-3

NHL scoring leader needs just 53 games to reach century mark

Nuns of Mother Teresa’s Missionaries of Charity, carry some of her relics during a vigil of prayer in preparation for the canonization of Mother Teresa in the St. John in Latheran Basilica at the Vatican, Friday, Sept. 2, 2016. In which city did she do much of her charitable work? (AP Photo/Gregorio Borgia)
QUIZ: How much do you know about these motherhood issues?

In honour of Mother’s Day, take this 10-question quiz

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read