Vancouver, BC, January 24, 2019 – The last twelve months have been turbulent for Canadian real estate. Not only did the market witness big changes in borrowing rules, and interest rates, but it also saw record low sales numbers. The changes in regulations also led to a shift in where Canadians were looking to buy, and what types of properties they were most interested in, but the shifts were not always predictable.
Real Estate Wire (REW), the premier real estate portal for property listings, new home developments and insights in Ontario and British Columbia, today released its real estate trend infographics outlining the most popular neighbourhoods in the Greater Toronto Area, Vancouver’s Lower Mainland, and Vancouver Island. The data includes the neighbourhoods where house prices showed the most explosive growth, the average price per square foot across the provinces, the average days homes were on the market and more.
“We believe that the statistics show that Canadians are conflicted. On the one hand, prices are coming down in a number of markets and houses are staying on the market for longer periods of time,” says Ian Martin, Director of Industry Development and Partnerships, REW. “We can contribute most of that to last year’s introduction of the mortgage stress test, but there’s still a strong appetite for Vancouver’s and Toronto’s most desirable neighbourhoods.”
According to REW.CA’s findings, the most popular area for home searches in Toronto was the city’s Danforth neighbourhood, just east of the downtown core. That’s a stark difference from the most popular searched neighbourhood in 2017, which was Humber Heights, in the city’s west end.
REW data analysts also found that Toronto home buyers were most interested in three-bedroom homes, for which they were willing to pay $1.25 to $1.5 million (this was also the most common search in Vancouver). Not surprisingly, the median list price for detached homes rose 10 per cent year over year to $1.1 million. In comparison to a budget friendlier Mississauga in Ontario, which offered detached homes at $389/sqft, for a median list price of $969k.
In Vancouver, the coastal community of Kitsilano replaced the eclectic Mt. Pleasant West neighbourhood for the top searched neighbourhood in 2018. Other interesting findings, the neighbourhood of East Richmond saw the biggest increase in list prices year over year, growing a staggering 243 per cent. The cities you can get the biggest bang for your buck in Greater Vancouver based on average price per square foot are Delta for condos at $560/sqft and Tri-Cities for detached homes at $499/sqft.
REW’s infographics cover the following cities in BC and ON.
- Burnaby, BC
- Delta, BC
- New Westminster, BC
- North Shore, BC
- Richmond, BC
- Tri-Cities, BC
- Vancouver, BC
- Victoria, BC
- Mississauga, ON
- Toronto, ON
For more information about REW’s ‘Year in Review’ findings and infographics, or to schedule an interview, please contact:
About Real Estate Wire
Real Estate Wire (REW) is a real estate marketplace and information hub in BC and Ontario. Whether you're buying, selling, learning, or simply perusing, REW provides you with a fast and easy home search experience, and arms you with the information and connections you need to take on your real estate goals.