Massive drop in housing prices would still leave Canadian households with more equity than debt
Canadians have record levels of wealth, but even a two percentage point increase in interest rates could leave them at debt levels too high to qualify under government rules
Real Estate Market Update | Toronto, December 14, 2016
The year is coming to an end, but there is no slowing down the Toronto resale market. The record for most sales in the greater Toronto area in any year has already been shattered, and there is still the month of December. The 8,547 sales reported in November took the total year-to-date sales to 107,840, breaking the previous annual record of 101,212 achieved only last year. In all likelihood there should be about 5000 (or slightly more) sales in December. That will bring the year-end total to approximately 113,000 reported residential resales, a truly remarkable feat. Ten years ago, . Provided by Chestnut Park Real Estate Limited.
Toronto housing market now hotter than Vancouver
Toronto's real estate market isn't cooling down any time soon, unlike the weather outside. According to the Teranet-National Bank Composite House Price Index , housing prices in the city have gone up for the tenth month in a row. That's in contrast to Vancouver, where prices have gone down for the second month in a row after 21 consecutive months of price increases, notes CBC News . Home sales have dipped 43 per cent in Vancouver, but year over year, prices are still up more than 19 per cent. As Business Insider notes, a senior economist at Capital Economics says it looks like Vancouver's housing bubble has burst. In Toronto, prices are continuing to climb. They're up more than 18 per cent year over year. CBC News reports that in comparison, only Hamilton saw bigger real estate-related prices increases.