There was a slowdown in property sales industry in 2012. Some estate experts said this might be caused by a change in government-backed mortgages policy. Some buyers were knocked out of market because of the reduction of mortgage period. While housing sales in Toronto, Calgary and Vancouver started climbing again after a period of slump. And house price is witnessed a huge gain. Toronto’s growth in price is mainly driven by detached homes. According to what the Toronto Real Estate Board said, detached homes saw prices rise 10.2% in September from a year earlier.

Housing sales surged 63.8 % in Greater Vancouver last month. Mr. Harris predicted Greater Vancouver’s resale housing prices may keep increase roughly 3 % over the next 18 months to two years. In my opinion, the biggest factor contributes to this surge in property sales is the growing number of immigrants. The immigration reopened to non-Canadians in May. Large number of people swarmed into Canada, the requirement of shelters is extremely high. When the demand is rising, the price of house will become higher as a response. In addition, of Canada’s 6.8 million immigrants, over 60% are live in the Toronto, Montreal or Vancouver areas. That’s why house price in these areas are far high.

Source:

http://www.theglobeandmail.com/report-on-business/economy/housing/home-sales-surge-in-september/article14675391/

Immigration statistics are retrieved from:http://news.nationalpost.com/2013/05/08/young-suburban-and-mostly-asian-canadas-immigrant-population-surges/