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A report released on Friday by the Royal Bank of Canada (RBC), analyzing preliminary data from local real estate bureaus, showed that the benchmark price of the Toronto MLS composite house price index was 1.26 million yuan, slightly higher than the benchmark price of 1.255 million yuan in Vancouver in January.
“this is a shocking development, but it is not entirely surprising considering that the market in the Toronto area has become so hot, especially since last fall,” Robert Hogue, a senior economist at Royal Bank, wrote in a report.
The benchmark price in Toronto has risen sharply in the past five months, with a monthly increase of 4.3%, approaching 52000 yuan in January alone. House prices in Vancouver have also risen, but to varying degrees. ”
Hugue said Toronto’s real estate market did not slow down during the surge in COVID-19 cases this winter, outbreak restrictions and January snowstorms.
He added that the surge in prices was partly due to competition among buyers, which was “as fierce as ever”.
The fierce bidding war has pushed house prices to new highs. In fact, the Toronto area is now the most expensive market in Canada. ”
“buyers especially like single-family homes, with prices up 36% year-on-year in Durham and Pierre districts by more than 40%, but they are also increasingly interested in apartments, with prices up 26% year-on-year.”
Economists expect the market to cool down later this year as interest rates rise.
In Vancouver, buyers face challenges as “inventories are minimized”, Hogue said. Active listings barely rose from decades-long lows last month, hampering buying opportunities.
“We expect that in the short term, tight supply and demand conditions will put considerable upward pressure on all types of housing,” he said. “