The average price in Greater Vancouver for detached houses sold last month reached $1.77-million, compared with $892,747 in Greater Toronto, according to the regional real estate boards.
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Vancouver house prices are the same in Canadian dollars today as the US -dollar prices for homes in San Francisco, the U.S.’s hottest housing market in recent years.
Despite the month-to-month plunge, the real estate board says sales remained well above the 10-year sales average for June, making it one of the hottest on record.
As the prices go parabolic (which is often the final stage of a bubble), there are already signs that the winds of disappointment are blowing.
Listings were up 1.2 percent in June 2016 compared to a year ago. Attached home sales over $1 million increased 79% in the first half of 2016 compared to the year prior, while Vancouver’s $1 million-plus condominium market outperformed other major Canadian cities’ with a year-over-year sales increase of 95%.
The City of Vancouver – a smaller housing market than its Toronto counterpart – saw 439 sales for at least $4-million in the first six months of this year, or double the 219 transactions from the same period in 2015.
Buyers showed more interest in apartments, with sales up about 19 per cent, while prices climbed 25 per cent to $501,100, the real estate board says. Overall, excess supply solidified the city’s position as a buyers’ market.
Apartment towers in Vancouver’s West End. The bench mark price of an attached unit increased 28.1% from June 2015 to $656,000.
But he says the imbalance between supply and demand continues to create a seller’s market. That is 35.9% less than in June 2015 yet only 1.1% less than a month ago. “Condominiums sold over $4-million and over is up 191%”.
A detached home in Toronto cost $1.26 million on average in June.
The strongest sales volume increase in the GTA was in the $4- million-plus category.
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