Toronto, Vancouver home sales above average in October, real estate boards say
VANCOUVER — Canada’s two hottest housing markets experienced above-average home sales last month, according to local real estate board figures, as buyers appear to be snapping up properties ahead of new mortgage requirements in January.
Vancouver area home sales jumped 7.1 per cent from September to October with 3,022 properties sold, and 35.2 per cent from the same month last year, according to the Real Estate Board of Greater Vancouver.
The federal government’s plans to tighten mortgage requirements helped spur short-term activity, said the board’s president Jill Oudil in a statement.
The Office of the Superintendent of Financial Institutions will implement new lending guidelines at the beginning of next year. Among the changes being considered is a requirement that homebuyers who do not require mortgage insurance still have to show they can make their payments if interest rates rise.