October is another hot month for Toronto home sales, prices soar

Separately, the Canadian government said in early October it will tighten mortgage rules and close a tax loophole on home sales, seeking to rein in both foreign investors and indebted consumers in its latest move to cool a market that some have called a housing bubble. The benchmark price of a single family detached home now sits at just over $1.5-million, up about 30% from October past year, though down 1.4% from last month.

Dan Morrison with the Real Estate Board of Greater Vancouver says the changing market conditions, compounded by a series of government interventions, are putting buyers and sellers in a holding pattern.

Luxury home sales continue to rise in Toronto, but the Vancouver housing market continues to slow and one real estate company is blaming the new tax on foreigners for the dip in activity.

"Potential buyers are taking a wait-and-see approach to try and better understand what these changes mean for them", he said in a statement Wednesday.

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The total number of properties now listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is now $919,300. The number of attached homes sold fell 40%, from 666 units previous year to 403, and apartment sales were down 24%, from 1,543 to 1,178 units. Though that's down 0.8 per cent from September, it's still up 24.8 per cent from the same time previous year.

Despite falling sales, benchmark prices increased year-over-year for all home types. Similarly, the benchmark attached home price increased 25.7 per cent to hit $669,200, while the benchmark apartment price came in at $512,300 after rising 20.5 per cent.

The number of sales were also a slight decrease compared to September, just under 1%.

  • Megan Austin