It now takes 28 years to save for a Toronto down payment<\/a><\/strong>\r\n <\/div>\nOver on the west coast, market activity slowed as more listings came online.<\/p>\n
By RBC estimates, Vancouver area resales were down six per cent while new listings climbed 12 per cent from January. These patterns could signal a \u201cwelcome first step,\u201d towards more balanced market conditions across the Vancouver region, Hogue pointed out, but noted that high demand and low inventory would \u201ckeep the heat,\u201d on property values. Last month, Vancouver\u2019s composite MLS HPI shot up 4.6 per cent monthly to $1.31 million, more than $58,000. In a year, values have increased $226,000, or 20.8 per cent.<\/p>\n
\u201cBuyers clearly face an extremely challenging situation. Higher interest rates will make things even more difficult for many, further crushing affordability in the period ahead,\u201d said Hogue. \u201cWe expect this will gradually suppress demand later this year and contribute to the market rebalancing.\u201d<\/p>\n
Calgary reports record February amid gain in sales and listings<\/h3>\n
Calgary made a mark in February’s market.<\/p>\n
Resales grew 19 per cent monthly with 3,300 transactions, the strongest ever for a February in Calgary. This follows a round of month-to-month sales increases that ranged from nine to 15 per cent. A rush in new listings helped to bolster sales, which were up 69 per cent from January.<\/p>\n
\u201cIt provided many buyers the options they had been seeking for some time amid shrinking inventories. These new buying opportunities came at a steeper price though,\u201d said Hogue, who noted that Calgary\u2019s composite MLS HPI grew 5.9 per cent \u2014 about $27,000 \u2014 between January and February.<\/p>\n
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<\/a>Photo:\u00a0karamysh<\/a> \/ Adobe Stock<\/em><\/p>\n