Vancouver Detached Homes Twice As Pricey As Toronto's: Survey

A new report by a real estate firm shows that the detached homes in the Vancouver area are nearly twice as expensive as comparable properties in the Toronto region.

The survey looked at detached two-storey homes sold in the Vancouver area. The median price in the first quarter was $1.42 million. The median price in the Toronto area for January to March period was $724,901 when measured by the real estate firm.

The gap between the two markets has widened as the prices of two-storey homes reached 23.6 per cent over the past year. The Greater Toronto area saw an increase of 9.3 per cent.

The real estate company that conducted the survey stated that strong economies and low interest rates in both Ontario and British Columbia are influencing the real estate boom in the country's two expensive housing markets.

The economies of Ontario and British Columbia are benefitting from strength in many parts of the U.S., with the low loonie giving a boost to Canadian exports.

In comparison, the drop in oil prices has negatively affected the housing market in Calgary. The median price of two-storey homes surveyed fell 1 per cent in the last year to $518,478.

According to the survey, the median price of two-storey houses in the City of Vancouver reached $2.37 million in the first quarter, a 30 per cent increase from 2015. In the City of Toronto, excluding Scarborough, the median price of two-storey homes reached $912,131which represents a 6.7 per cent increase from the previous year.

Reference:

The Globe and Mail

http://www.theglobeandmail.com/…/vancouver…/article29546727/