Just because a housing market is super expensive doesn't mean it's super hot. What determines the competitiveness of Canadian housing markets is the ratio of listings to sales.
A ranking of the country's most competitive markets just came out and shockingly, Vancouver and Toronto didn't even make the list.
Based on the percentages of house sales, the most competitive market in Canada is actually London/St. Thomas, Ontario, with 78% of the houses that are listed being sold.
The next most competitive markets were Greater Montreal with 73% and Ottawa and Trois Rivieres, Quebec tying for third with 72% of listings being sold.
Vancouver and Toronto weren't even on that list, rather they were listed among Canada's least competitive markets. Vancouver was the second least in all the country with only 43% of houses being sold while Toronto had just slightly more with 50%.
The absolute least competitive housing market in the entire nation was in Newfoundland, where only 35% of listed homes were sold.
In real estate terms, this means that both Toronto and Vancouver have balanced markets. Any market over 60% is a seller's market while anything under 40% is a buyers market, so right now buying in either of those cities means you have pretty good chances.
Source: Huffington Post