The Latest in Mortgage News – An Eye on Real Estate

Recent reports have revealed that the housing market in Toronto and Vancouver is experiencing a decrease in sales and prices, with the exception of Toronto condo sales, which have reached a new high. The Royal Bank of Canada (RBC) published its latest affordability report, suggesting homeownership costs are easing but still at "crisis levels" in Toronto and Vancouver. The report shows that the average share of income needed to cover homeownership costs fell to 51.9%, with relief predicted due to flat home price growth over the year. The Real Estate Board of Greater Vancouver found that Vancouver condo prices posted their largest year-over-year decline since 2009, while sales of detached homes fell by 32.8%. Meanwhile, the average condo price in Toronto has soared to a new all-time high in February, according to the Toronto Real Estate Board, with sales falling 6.7% compared to last year. Finally, non-resident-owned properties in British Columbia are worth more than resident-owned properties, according to new data from Statistics Canada.