TORONTO – Rock-bottom interest rates, a scarcity of supply and growing demand from millennials and wealthy immigrants have fuelled a strong start to the spring real estate season in Toronto and Vancouver.
“Spring has come early for both Toronto and Vancouver,” said Sal Guatieri, a senior economist at BMO Capital Markets.
Both cities experienced growth in sales volumes and prices during the first two months of the year, Guatieri said.
“I would expect the spring market to be quite hot in both cities – but that will be the exception across the country, not the norm.”
In Toronto, February home sales grew by 11 per cent from a year ago while prices jumped nearly eight per cent, according to statistics from the Toronto Real Estate Board. That’s despite the fact that it was one of the coldest Februaries on record for the city.
“I’ve always said that our climate naturally…
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