While the growth in the Vancouver and Toronto housing markets does not appear to be slowing down any time soon, a recent report by the Canadian Real Estate Association (CREA) pointed at relatively affordable alternatives—at least for the time being—near the country’s most overheated cities.
As reported by Jesse Ferreras of The Huffington Post Canada
, CREA figures released on May 16 revealed that home prices in cities surrounding Vancouver and Toronto are increasing at a more modest pace, making them more realistic purchase destinations for those who are looking for new homes.
The Abbotsford-Mission region saw average home prices rise by 7.3 per cent on a year-over-year basis last month, to $617,549. In the same period, Victoria experienced a 13.2 per cent increase from $508,807.
Meanwhile, residential real estate prices in the Hamilton-Burlington area just off Toronto grew by 9.5 per cent to $486,008.
The CREA report added that these developments have made it a bit more plausible for prospective buyers to fulfill their dreams of owning homes—especially since overall sales volume in the residential segment has lowered in both Vancouver and Toronto over the past year.
CREA officials hastened to add, however, that a commensurate decline in price growth in these cities has yet to be seen. Vancouver prices increased by 25.34 per cent on a year-over-year basis in April 2016 (up to $844,800), while Toronto saw benchmark prices grow by 11.6 per cent in the same period (up to $614,700).