As the board releases new reports for January on Canada’s top 3 real estate markets Toronto and Vancouver both grow in sales volumes and housing prices while Calgary market starts to fall.
The Greater Vancouver Real Estate Board suggests that January volume sales were above the norm for last month; however new listings had decreased in volume compared to the year 2014. This brings in a more competitive market among realtors and home buyers as inventory levels are down. New listings fall 11.4% from January 2014 while sales were up by 8.7 % year over year in the same month. The prices for Vancouver market in January were up by 5.5 % from a year ago.
For Calgary unfortunately the numbers are not doing so well. As most home buyers decide to hold off on any real estate investing until they see the results of the economic fortunes of the province and city. The Calgary Real Estate Board Chief Economist has mentioned that economic circumstances will be frailer than the original estimates done in December 2014. Calgary had reached the lowest total for sales in the month of January in five years only at 880; that figure resulted in 35% lower sales in the ten year average. New listing reached 37% higher for the month of January than they were a year ago. The price benchmark has continued to hold on and grew by 7.7% from the previous year.
The Toronto Real estate Board reported that sales and new listing were up by 6.1% and 9.5% in January compared to 2014. Most Torontonians and those consumers investing in the market still consider Toronto real estate to be a great long term investment. The forecast for Toronto market is that it will continue to rise and have strong sales which are also being met by lower interest rates for 2015.
For more information or any mortgage needs please do not hesitate to contact:
Robert Clancy, AMP,
VERICO Safebridge Mortgage Solutions
SAFEBRIDGE Financial Group
Tel: 416 899-1467
Fax: 1866 385-4049