Vancouver and Toronto are still seeing a lot of 'sold' signs, but not so much in the rest of the country
Photo Credit: CBC

Housing market hot in Vancouver and Toronto, not everywhere else

Canada’s housing market is red hot in two cities and flat and fading elsewhere. Toronto and Vancouver are skewing the results, so that headlines proclaiming home prices were up almost 7 per cent in June, don’t tell the whole story.

In Toronto and Vancouver, the two cities most immigrants come to, the prices just keep climbing.  The average price of a home in Vancouver is now over $800,000 C and roughly 10 times income, while in Toronto the average price is over $555,000 and roughly 7 times income levels.

Due to the historically low interest rates people keep buying in these markets, often using interesting methods and strategies.  So when the numbers are crunched, the average price of a single-family dwelling in Canada, comes out at $413,215, up 6.9 per cent from last June.

Almost everywhere else in Canada, it’s a very different story: The economy is slowing down revealing some major regional differences.  In Regina, Saskatchewan the average price of a home is around $300,000, in  Halifax, Nova Scotia it’s $275,000, and in picturesque Quebec City, the average price in $268,000.

Meanwhile, ratings agencies are warning of a correction to come, and advising people to prepare for the downturn, and eventually, rising interest rates.

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