Condos shoot high above one of Vancouver's most prestigious residential areas

Vancouver, Toronto housing sales soar in August

Greater Vancouver saw a 52.5% jump in sales in August, 2013, compared to one year earlier. Toronto rose 21%.

So much has been made of Vancouver’s impending real estate bubble, you’d almost believe it was real – and it perhaps is.

Still, it’s been as waited on as the big one (what we British Columbians call that earthquake that’s going to hit us and destroy everything we own) and the housing market has been stalling.

But, on Thursday, the Huffington Post reported that Canada’s housing market – including British Columbia’s – was “seriously back”.

The Greater Vancouver Real Estate Board reported a 52.5 per cent jump in sales on the Multiple Listing Service in August, 2013, compared to August, 2012. Total sales in August amounted to 2,514.

(The Board noted the month was still 4.6 per cent below August’s 10-year average.)

Sales in July were even higher, hitting 2,946 (14.7 per cent higher than August’s).

Housing prices in Vancouver dropped 1.3 per cent from August, 2012, although they’re up 2.3 per cent from January 1, 2013.

Toronto’s real estate board reported similar peaks in August, with a 21 per cent jump from that same month in 2012. The Ontario capital’s average home price also rose 4.4 per cent to $518,145, compared to August, 2012.

“After last year’s plunge in response to tighter mortgage rules, home sales have stabilized near normal levels and prices are rising moderately in most regions – a near perfect soft landing with shades of taking flight again,” said Bank of Montreal’s Sal Guatieri (Globe and Mail).

————————————————————

Just one day earlier, The Economist had called Canada’s housing market “bubbly” – which isn’t a complement – and found the country’s housing prices to be entirely “overvalued”.

The magazine said Canada’s home prices were 30 per cent overvalued compared to incomes, and a whopping 74 per cent overvalued compared to rentals.

In the top 11 countries/city states profiled, only Hong Kong had a more overvalued housing-to-rental margin, at 84 per cent. New Zealand’s came in just ahead (or behind?) Canada at 68 per cent.

Just Posted

Agassiz teacher’s Amazing Race takes students on Canada-wide adventure

AESS student say they had the experience of a life time

WATCH: Brother of missing Hope woman makes emotional appeal for more media attention

Next search for Shawnee Inyallie Nov. 18 along Highway 1 towards Boston Bar

Gas price drop expected to hit Fraser Valley today

Analyst says to take advantage, warns slight increase may follow

Players Guild challenges Chilliwack residents to solve classic Agatha Christie whodunit mystery

The Chilliwack Players Guild is performing Murder on the Nile from Nov. 22 to Dec. 2

Fashion Fridays: 5 coats you need this winter!

Kim XO, lets you know the best online shopping tips during Fashion Fridays on the Black Press Media Network

B.C. to fund gender-affirming surgeries for transgender people

Roughly 100 people in B.C. travel each year out of province for lower surgeries

U.S. mayor and dying dog’s roadtrip to B.C. goes viral

First vacation in three years came a month after blood cancer diagnosis

Federal fall update expected to offer more support for struggling news industry

Ottawa committed $50 million over five years for local journalism in ‘underserved communities’ last budget

UK’s May appeals to public on Brexit, braces for more blows

British Prime Minister Theresa May answered questions from callers on a radio phone-in, the day after she vowed to stay in office

VIDEO: Stan Lee leaves posthumous message for his fans

Marvel Comics’ co-creator died on Monday at the age of 95

$136M in transit funding coming to B.C.

The announcement was made at the BC Transit yard in Langford on Friday morning

Ottawa apologizes to Japanese family in B.C. after chopping historic cherry trees

Plaque installed in Prince Rupert to honour the memory of Shotaro Shimizu

Two B.C. police officers, held in Cuba for months, cleared of sex assault allegations

Port Moody Const. Jordan Long and Vancouver Const. Mark Simms have been in Cuba since March

Most Read