A new study suggests the two hottest real estate markets in Canada appear to be headed in different directions, as Vancouver softens and Toronto looks to maintain its momentum. In a report published Tuesday, TD Bank said Vancouver has started what is expected to be a modest correction, which will be reinforced by the recent implementation of the land transfer tax on non-residents. “Home prices are projected to decline by about 10 per cent in the region by mid-2017, before stabilizing later in the year,” TD said. However, even with a drop of that size, the bank noted that prices will still be well above were they were just one to two years ago. A 15 per cent property transfer tax on foreign buyers came into force this month in Metro Vancouver.

Source: thestar August 30, 2016 16:22 UTC