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

Tina Myrvang

Client Care Lead
Staff member
REIN Member
Nov 15, 2010
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.

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