Toronto and Vancouver real estate markets headed in different directions: TD
TORONTO — A new study suggests the two hottest real estate markets in Canada appear to be headed in different directions, as Vancouver softens and Toronto looks to maintain its momentum.
In a report published Tuesday, TD Bank said Vancouver has started what is expected to be a modest correction, which will be reinforced by the recent implementation of the land transfer tax on non-residents.
“Home prices are projected to decline by about 10 per cent in the region by mid-2017, before stabilizing later in the year,” TD said.
However, even with a drop of that size, the bank noted that prices will still be well above were they were just one to two years ago.