The Weston family is poised to create Canada's largest real estate investment trust through a $3.9-billion deal for its publicly traded Choice Properties REIT to buy Canadian Real Estate Investment Trust.
Toronto and Vancouver's real estate markets have responded to surging prices and a growing demand for homes with a supply of new housing that is "significantly weaker than other Canadian metropolitan areas."
The number of homes sold in the Toronto region in January was down 22 per cent compared with a year ago, when the area was experiencing a short-term spike in prices that prompted the Ontario government to cool the market last spring.
The Real Estate Board of Greater Vancouver says home sales varied by type in January. Townhouse and condo sales were above the 10-year January average by 14.3 and 31.6 per cent respectively, while detached homes fell 24.8 per cent below it.
The British Columbia Real Estate Association says fewer homes were sold across the province in 2017 compared with the year earlier, but it says prices were up and sales remained above 100,000 for the third straight year.