The housing market is resting in Toronto and Vancouver
The cities have seen a rapid rise in the value of property that made the real estate unaffordable for many Canadian citizens. House affordability was eroded and obviously this was a concern for many. However, it looks like the market has slowed a bit to catch its breath. Facts and figures show that the market may have even taken a step or two backwards. There has been a fall in the property prices in Toronto and Vancouver by almost 2% and 1.5% in the previous two months or so. However, this has not made the real estate in the two cities very affordable. They have stopped at a level which is much higher than before and it is important to note that the real estate market has not made a move downwards in terms of the prices and costs.
Figures show that the prices of the houses in Vancouver rose by almost a quarter and about 12% in the Toronto and these figures are themselves for us to imagine what has happened to the market. Real estate markets in Toronto and Vancouver have been way ahead of the markets in the rest of the cities and the real estate in these two cities has been made increasingly unaffordable for the people.
The demand for real estate in Vancouver and Toronto will still make it possible for the market to make a very soft landing. Had the demand not been there, the markets were set to crash and that would not have been good for some.