Housing Commentary "Toronto and Vancouver housing market activity still soft in May"

Tina Myrvang

Client Care Specialist
Staff member
REIN Member
Nov 15, 2010
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Highlights of the report:

It increasingly looks like the new stress test is causing more than just a temporary dip in housing market activity in the greater Toronto and Vancouver areas. Home resales were weak again in May for a fifth-straight month in both markets. The Toronto Real Estate Board reported that resales were down 22.2% from the same period a year ago while the Real Estate Board of Greater Vancouver reported an even steeper drop of 35.1%. We don’t make much of the fact that this represented the slowest year-over-year rate of decline in four months in Toronto. As a matter, we fully expected such as slowdown because May 2017 provided a significantly lower base for year-ago comparisons. May 2017 was when activity really started to nosedive in the Toronto area following the introduction of Ontario’s Fair Housing Plan in late-April. In Vancouver, market-cooling measures announced in the 2018 provincial budget in February also likely weighed on May resales.

Link to the full report

To view, print and download the new report, click on the following link:

http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/TREB_REBGV_results_may2018.pdf