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will Vancouver catch up to Toronto’s growth in 2020?

By MoneyWay | Jan 7, 2020

New year starts with world in a very precarious position, global markets are now very wary since the U.S. attack in Bagdad although markets seem to have gone into wait and see mode. Oil prices have curtailed, dropping over 1.3% so far this morning. Equities are generally mixed while gold continues to move to recent highs. There will be no clear direction until it is determined that Iran will or will not respond.

On Friday, Vancouver area’s real estate board says the number of home sales last year was up from 2018, but remained below the region’s 10-year average, despite a moderation in prices. The Real Estate Board of Greater Vancouver says the number of sales in 2019 totaled 25,351 units, up three per cent from 24,619 in 2018, which marked a recent low point. REBGV president Ashley Smith says buyer demand picked up in the second half of 2019, after a relatively quiet spring season. Meanwhile,  the Greater Toronto housing market ended 2019 with another double-digit sales increase. The Toronto Real Estate Board says home sales rose 17.4 per cent in December compared to last year, with 4,399 properties changing hands. Single-family and semi-detached homes led the way. It also caps off a year where the market recovered from its decade-low sales levels in 2018.

The question now is, will Vancouver catch up to Toronto’s growth in 2020?

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