Divergent Trends in Canadian Housing: Vancouver Sales Dip, Toronto Rises

Home sales in Vancouver decline despite interest rate cuts, while Toronto sees a boost as buyers capitalize on lower rates and prices.

Vancouver's home sales fell by 3.8% in September compared to the previous year, with listings increasing, adding pressure on prices.
The Greater Toronto Area experienced an 8.5% year-over-year increase in home sales, attributed to interest rate cuts and lower home prices.
Vancouver's total number of listings rose by 31% from last year, leading to a 1.8% decline in the composite benchmark price.
Toronto's new listings increased by 10.5% from last year, providing buyers with more choice and negotiating power, despite a 1% decrease in average selling prices.
Recent changes in mortgage lending guidelines, including longer amortization periods, are expected to offer more flexibility to Toronto homebuyers.