House bubble
© Rafael Ben-Ari / 123RF Stock Photo

A report by Re/Max Canada says prices for detached houses in Toronto, Vancouver and B.C.’s Fraser Valley saw upward momentum in the first half of the year, but average prices fell short of those seen last year in most neighbourhoods.

The report tracked average price and sales activity in the freehold segment in 82 districts within the Toronto Regional Real Estate Board, Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board.

It says a substantial drop in prices in the first quarter of the year triggered a surge in home-buying activity in the second.

But despite the rally, the report says close to 93% of detached houses in Toronto and Vancouver posted a decline in values compared with the same period in 2022.

Six neighbourhoods bucked the trend including four in Toronto’s central core and two in the Vancouver region, West Vancouver-Howe Sound and the Gulf Islands.

The report says buyers looking for a foothold in the Vancouver market are driving demand for detached homes in the Gulf Islands, with growing appeal with buyers who work remotely.