Residential Market Commentary – Week of August 8, 2016

THINK OUTSIDE THE BOX:  The two hottest housing markets in the country appear to be heading in opposite directions even though they are suffering from the same, fundamental problem – under supply.

July sales in Greater Vancouver dropped nearly 27% compared to June and were off 19% from a year ago.  Prices, though, continued their unprecedented climb.  MLS figures show a jump of nearly 33% from a year ago.  The average price of a home (all forms) topped $930,000.  New listings dropped nearly 11% from June but remain 2.5% higher than a year ago.

Toronto saw both prices and sales jump in July; 9,989 homes sold is a record for the month.  The MLS price index showed a 16.6% jump in the average home price (all forms) to nearly $710,000.  However, the number of new listings continues to decline.

Montreal registered a 3.0% sales increase last month compared to a year earlier along with a corresponding 3.0% increase in the median price, to $300,000.

Maria Broekhof – First National      August 10, 2016

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.