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

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

Harrison Hot Springs country singer Todd Richard poses for a photo with Mission firefighters. (Photo/Sarah Plawutski)
VIDEO: Harrison country artist Todd Richard plans for a busy, rockin’ summer

Richard and his band look to live shows as restrictions start to lift

The theme for this year’s Fraser Valley Regional Library Summer Reading Club is “Crack the Case” and Katie Burns, community librarian at the Chilliwack Library, is encouraging people of all ages to sign up. She is seen here at the Chilliwack Library on Friday, June 18, 2021. (Jenna Hauck/ Chilliwack Progress)
Crack the case, read, win prizes with FVRL Summer Reading Club

‘Immerse yourself in other worlds and have a bit of fun while you do it,’ says Chilliwack librarian

Cpl. Scott MacLeod and Police Service Dog Jago. Jago was killed in the line of duty on Thursday, June 17. (RCMP)
Abbotsford police, RCMP grieve 4-year-old service dog killed in line of duty

Jago killed by armed suspect during ‘high-risk’ incident in Alberta

Holger Schwichtenberg and his son Philip talk in the barn of the 150-acre Schwichtenberg farm. This farm is one of many throughout B.C. that support more than 12,500 jobs across the province in the dairy industry. (Contributed Photo/B.C. Dairy Association)
Agassiz dairy farm a model of care for environment, animals, and family

Farm is part of a dairy sector centred in the Fraser Valley, supporting 12,500 jobs province-wide

Marco Mendicino, Minister of Immigration, Refugees and Citizenship during a press conference in Ottawa on Thursday, May 13, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year, says immigration minister

Canada plans to increase persons admitted from 23,500 to 45,000 and expedite permanent residency applications

FILE – Most lanes remain closed at the Peace Arch border crossing into the U.S. from Canada, where the shared border has been closed for nonessential travel in an effort to prevent the spread of the coronavirus, Thursday, May 7, 2020, in Blaine, Wash. The restrictions at the border took effect March 21, while allowing trade and other travel deemed essential to continue. (AP Photo/Elaine Thompson)
Feds to issue update on border measures for fully vaccinated Canadians, permanent residents

Border with U.S. to remain closed to most until at least July 21

A portion of the George Road wildfire burns near Lytton, B.C. in this Friday, June 18, 2021 handout photo. THE CANADIAN PRESS/HO, BC Wildfire Service *MANDATORY CREDIT*
Blaze near Lytton spread across steep terrain, says BC Wildfire Service

Fire began Wednesday and is suspected to be human-caused, but remains under investigation

(Black Press Media files)
Burnaby RCMP look for witnesses in hit-and-run that left motorcyclist dead

Investigators believe that the suspect vehicle rear-ended the motorcycle before fleeing the scene

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Blair Lebsack, owner of RGE RD restaurant, poses for a portrait in the dining room, in Edmonton, Friday, June 18, 2021. Canadian restaurants are having to find ways to deal with the rising cost of food. THE CANADIAN PRESS/Jason Franson
Canadian restaurateurs grapple with rising food costs, menu prices expected to rise

Restaurants are a low margin industry, so there’s not a lot of room to work in additional costs

RCMP crest. (Black Press Media files)
Fort St. John man arrested after allegedly inviting sexual touching from children

Two children reported the incident to a trusted adult right away

Most Read