📩 Subscribe to Deal of the Week:
https://www.condowong.ca/deals

📲 Schedule a Call with Dan:
https://www.condowong.ca/call

Canada's Real Estate Market Comparison: Toronto vs. Vancouver vs. Calgary | January 2024 Update

Timestamps:
00:00 Introduction
00:53 Current Market Highlights - Annual % Change in Market Activity
01:42 Demand and Supply Conditions
02:43 Benchmark Prices for Detached Houses, Townhouses & Condos
03:59 Annual % Change in Home Prices
04:36 The Trend Over the Past Decade - Supply and Demand Conditions
07:03 Pricing Trend with Annual % Change

RBC Report:
https://thoughtleadership.rbc.com/ear...

In this video, we analyze the housing markets of Toronto, Vancouver, and Calgary as of January 2024, building upon insights from a recent RBC report indicating an upturn in Canada's housing market. The comparison begins with a look at current market highlights, including resale activities, new listings, and sales-to-new listings ratios, revealing a significant increase in transactions across all three markets. We delve into home prices for detached houses, townhouses, and condos, emphasizing the considerable price disparities between the cities.

Moving on, we explore the trend over the past decade, noting Vancouver and Toronto's fluctuations between seller's and buyer's markets, influenced by factors such as policy interventions and post-COVID buying frenzies. In contrast, Calgary's market stands out with a consistent shift towards a strong seller's market since COVID, driven by increased demand and affordability relative to other cities. Price changes over time further underscore the divergent trajectories, with Calgary experiencing substantial annual price hikes compared to Toronto and Vancouver.

Ultimately, the analysis highlights the resilience of Toronto and Vancouver markets amid changing conditions, while speculating on Calgary's future trajectory. Despite its affordability advantage, the extent to which Calgary's market will sustain its momentum remains uncertain, warranting further examination of evolving dynamics.