B.C. cities not alone in global real estate slowdown
B.C.’s biggest cities are among many around the globe that are currently experiencing a real estate market slowdown.
The Greater Toronto Area is in the property doldrums, with sales in 2018 down 18 per cent year over year similar to that of Greater Victoria and Vancouver Island, down 20 and 19 per cent respectively, but not as steep as Metro Vancouver’s 31.6 per cent annual decline. The average 2018 home resale price in the country’s biggest city is also down 4.7 per cent over the previous year.
Property markets in major global centres are also on the slide, most notably in pricey cities such as Hong Kong, Shanghai, Beijing, Singapore, London and Sydney.