The Canadian housing market tells different tales depending on the city; property values, and the economic fundamentals that support them, vary based on the municipality or the province in question.
While housing prices can be very diverse, so too can home ownership costs. For instance, the land transfer tax home buyers pay when they close on a property can range by as much as $20,000 depending on the market. An interesting thing to note is that the disparity can similarly be found across the nation according to a study done by Zoocasa, which compared the property tax rates in 25 major municipalities across Canada.
The Toronto Real Estate Board reports that the housing market is finally starting to recover from the storm caused by last year’s policy and mortgage changes – to the extent that it has prompted concerns of overheating demand.
Compared to August 2017, data from this August reports slight improvement across all TREB regions. At an average price of $765,270, 6,839 homes for sale in Toronto have exchanged hands, a year-over-year increase of 4.7% and 8.5%, respectively. The MLS Home Price Index, used to keep track of the overall value of the market, rose 1.5%, reflecting a greater proportion of higher-priced detached home sales.