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Toronto, Vancouver Property Markets End 2015 with Record Highs

Posted by Jereco O. Paloma on Jan 08, 2016 09:11 AM EST
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(FILE PHOTO) The sun sets over the Toronto skyline in his undated file photo. The International Olympic Committee (IOC) meets in Moscow July 13, 2001 to decide between front runners Beijing, Paris and Toronto for the site of the 2008 summer Olympics. (Photo : Carlo Allegri/Getty Images)

Real estate markets in Toronto and Vancouver in Canada ended the year with sales shooting up, setting new record highs.

Data from both cities' real estate boards, as reported by CBC News, showed that sales in both cities rose significantly in 2015 as compared with 2014's registered sales. In Toronto, for example, a total of 101,299 real estate deals were recorded in 2015, which was 9.2 percent higher than 2014's figures.

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According to Mark McLean, president of the Toronto Real Estate Board, 2015 was generally a good year for Toronto real estate, but it could have been much better had the listings been in good shape.  

"If the market had benefited from more listings, the 2015 sales total would have been greater," McLean was quoted as saying by CBC News, adding that Toronto started the new year with an enormous amount of unmet demands.

According to the report, demand from the previous year drove the resale price of houses in Greater Toronto to shoot up throughout 2015 to $622,217, or 9.8 percent higher than 2014's data. In Toronto City, the average housing price was pegged at $659,270.

Darcy McLeod, Real Estate Board of Greater Vancouver president, said in the same report that housing price activity in most parts of Vancouver is even hotter than in Toronto. In fact, the new benchmark price for all types of houses in the Metro Vancouver was pegged at $760,900; that's 18.9 percent higher than the preceding year's figures.

"We often hear economists say that sellers' market conditions put upward pressure on home prices. That was certainly the case in 2015, with price increases ranging from 14 to 24 percent, depending on property type," McLeod was quoted as saying by CBC News.

The positive performance of Canada's two leading real estate markets, came amid fears of the negative effects of the impending implementation of the higher interest rates that the Royal Bank of Canada. The RBC is one of the leading financial lenders in the country, a Profit Confidential report showed.

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