Vancouver Home Prices Resume Stubborn Climb to Fresh Record
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Detached homes in Canada’s No. 2 market average C$1.83 million
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Total sales fell 8.5% but still 3rd-strongest May on record
Vancouver home prices climbed back to a record in May, suggesting the impact of a foreign-buyer tax imposed last year is fading.
Benchmark prices in the west coast city reached a record C$967,500 ($716,300), up 8.8 percent from a year earlier, the Real Estate Board of Greater Vancouver said Friday. Average prices for single detached homes hit C$1.831 million, the most ever.
It’s an indication of how stubborn gains have been in Canada’s biggest real estate markets. Not even a cash-crunch at Toronto mortgage lender Home Capital Group Inc., a succession of government tightening measures or warnings about how price gains are detached from economic fundamentals have had a sustained cooling effect. Comparable data for Toronto housing is due Monday…
Vancouver Home Prices Resume Stubborn Climb to Fresh Record
