The Canadian Real Estate Association and Vancouver

Vancouver Toronto: But it was the sales figures for Vancouver and Toronto that drew considerable notice from economists, according to Vancouver Observer. The average sale price in greater Vancouver rose 32.3 per cent year-over-year to nearly $1.1 million, while in greater Toronto it climbed 14.2 per cent to $631,092. The Canadian Real Estate Association reported Tuesday that sales of existing homes rose by eight per cent in January compared to a year ago, while the national average home price soared 17 per cent. The Multiple Listing Service benchmark price — a figure that CREA says is more representative of the market — rose to $775,300 in great Vancouver, an increase of roughly 21 per cent compared to January 2015. New federal regulations require larger down payments on homes that cost between $500,000 and $1 million."While we continue to believe that things just can't any hotter, markets in B.C. and Ontario continue to prove us wrong," Petramala said in a note to clients. In greater Toronto, the benchmark price climbed roughly 11 per cent year-over-year to $578,400.TD economist Diana Petramala said some of the strength in the Toronto and Vancouver markets may have been bolstered by buyers looking to get into the market before new mortgage down payment rules took effect Monday. (www.immigrantscanada.com). As reported in the news.