Vancouver, its coveted property stuck between the mountains and the sea, has been Canada’s most expensive housing market for so long that you kinda assumed it always would be.
And while Vancouver is short on homes for sale, Toronto is worse.
Single-family homes saw the biggest increases with prices up 36% year over year, reaching as much as 40% higher in Durham and Peel regions.
“In addition to a lack of home sellers, new construction cannot keep pace with Toronto’s growing population.
One interesting phenomenon in Canada’s pricey home market that Engel & Völkers has observed is a rise in families pooling their resources and buying properties that house multiple generations.
He left his sales jobs and started SkipTheDishes Restaurant Services with four other partners, a Winnipeg-based business that was bought for $200 million by British online delivery behemoth Just Eat in 2016.
“The reality is that no one will be seriously surprised by these figures, since it is almost a carbon copy of the setbacks seen in the second and third waves,” BMO chief economist Douglas Porter said in a note Friday.
The tricky bit is this is the last jobs report before the Bank of Canada decides on rates on March 2.
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