Vancouver, the once-hot market could be perking back up after three months of declines as home prices rose 0.3% in January. Last year, the provincial government imposed a tax on foreign buyers to address the home affordability issues which actually did take some steam off the market.
However, the increase in Vancouver was lower than the national average growth for the month but this is still a great improvement from the previous month.
The national growth in January increased by 0.5% which is equivalent to the highest growth recorded for January in 2003 and 2010.
In a report by the Teranet Home Price Index, “the composite index rose higher than 200 in January suggesting home prices in the 11 markets have also doubled since June 2005.”
In January the highest price increases were recorded in Hamilton with 1.1% increase, Toronto 0.8%, and Montreal 0.8%.
In contrast, home prices declined in Winnipeg, Ottawa and Edmonton by 0.7%, 0.7% and 0.1% respectively.
Recently, the Real Estate Board of Greater Vancouver disclosed home prices fell by 7% between July of last year to January 2017, but new reports from the board proves otherwise with an increase in all types of homes sales, not just duplicate home sales of single family homes.
This suggests Vancouver have begun the year with a great start.