Union City Condos buzzbuzz . The most competitive real estate market. In Canada, the most populous cities should be Vancouver and Toronto.
But what is interesting is that the recent property market situation in these two places is not very satisfactory. A survey by real estate website Zoocasa found that home sales in the two cities have fallen sharply, making them a less competitive market in the country.
By comparing the actual sales and the number of houses listed, it is easy to find out which cities are “inflated” and which are in short supply. St. Thomas, Ontario, the most competitive market, has the smallest gap between actual sales and listings, with 78 homes sold for every 100 listings, according to data released by the Canadian Real Estate Association in July.
Vancouver and Toronto, by contrast, are less optimistic. For every 100 homes listed in Vancouver, only 43 are sold, compared with 50 in Toronto. Not long ago, the two regions were “seller’s markets”, but now they are gradually balancing and moving closer to the “buyer’s market”.
The poor market conditions in these two places are mainly due to the introduction of overseas buyer taxes in British Columbia and Ontario, and the tightening of mortgage policies by Canadian banking institutions, which have led to a rise in mortgage rates, making people more conservative when buying homes.