Toronto – One year after the dreadful foreign buyer tax was introduced, the home prices in Vancouver have started to go up. If that is any indication of what Toronto can expect, Toronto home owners have nothing worry about.
While the sales numbers are down, the home prices were up 8.7 percent in July. As expected prices vary and demand vary based on location, and some neighbourhoods are still experiencing bidding wars.
The number of new properties listed for sale increased by just 0.3 percent from last year. The current sales-to-active listings ratio is 32.2 percent.
According to experts, Home prices usually see an upward pressure when the sales-to-active ratio is above 20 percent for several months.