Posthaste: Canada’s two biggest real estate markets are sizzling again
Canada’s two biggest real estate markets are once again reporting brisk sales activity.
Toronto housing prices climbed the most in almost two years amid falling supply. The benchmark price rose 5.8 per cent from a year ago to $810,900, the Toronto Real Estate Board said in a report Tuesday. That’s the biggest jump since December 2017 and takes it to within about $4,300 of the record set in mid-2017, Bloomberg reported.
The Toronto data comes on the heels of numbers from Vancouver which show home sales surged 45.4 per cent in October from a year earlier boosted by lower prices, according to The Real Estate Board of Greater Vancouver.
The city saw 2,858 sales for the month, a 9.8 per cent above the 10-year sales average for October. While average home prices slipped 6.4 per cent from a year ago to $992,900, they remain at elevated levels. Vancouver remains the second most expensive major housing market in the world after Hong Kong, according to a Demographia International Housing Affordability Study.
Majority of Canadian investors are unlikely to be tempted by the world’s biggest energy public offering. A Financial Post web poll reveals over two thirds of readers who took the poll said they would not buy Saudi Aramco stock, given the chance.
That’s likely a wise call. Saudi Aramco’s nine-month profit fell 18 per cent as lower oil prices eroded sales. Meanwhile, OPEC, led by Saudi Arabia, said this morning it expects its market share to shrink over the next few years amid surging U.S. shale production.