Q1 2017 Royal LePage House Price Survey
(April 18 2017) The Royal LePage house price survey showed most Canadian housing markets had modest price gains in the 1st quarter of the year. The two notable exceptions were Toronto and surrounding area, and the great Vancouver region.
Despite Toronto and Vancouver both showing double-digit year-over-year price gains, the two markets are heading in opposite directions. The Foreign Buyer's Tax introduced by the BC government last summer caused a price reset, with sales in the Lower Mainland down 40% and home prices falling.
The hasty introduction of new real estate-related regulations or taxes in Ontario, in the absence of data and analysis to support these policy moves, could lead to a sharp price…