Festival condos for sale. House prices in Vancouver skyrocketed. Canada’s Toronto and Vancouver real estate markets continue to heat up, with data showing that house prices in the two cities rose 16.8 per cent and 32 per cent respectively in June from a year earlier.Please Visit: Festival condos for sale to Get Your VVIP Registration Today!
The average selling price of a house in the Toronto area in June was 746500 Canadian dollars (US $574000), up 16.8 percent from a year earlier, according to a monthly report released by the Toronto Real Estate Bureau on the 6th. Houses included in the statistics include independent houses, semi-detached houses, apartments and other types of housing.
The Toronto Real Estate Board believes that the shortage of housing supply is a major factor driving up house prices. In June alone, a total of 12794 homes were sold in the Toronto area, up from 11905 in June last year.
The average home price in Toronto rose from C $335900 in 2005 to C $622000 in 2015, an increase of 85 per cent over the past decade, according to the Toronto property Bureau.
The benchmark housing price in Vancouver was 917800 Canadian dollars (US $705700) in June, up 32 percent from June 2015, according to data released by the Vancouver Real Estate Bureau on the 5th.
However, home sales in the Vancouver area fell, with sales of 4400 units in June, up just 0.5 per cent from a year earlier and down 8 per cent from a month earlier.
In response to the warming property markets in Vancouver and Toronto, the Bank of Canada issued a risk warning in early June, saying the current rise in house prices in both places was unsustainable. The Canadian federal government also set up a working group last month to monitor the housing market in both places.