Toronto, Canada, November 23, 2015 – Canadalend.com , the leading low-cost, private mortgage solution provider in the country, comments on robust October resale housing data for Toronto and Hamilton as low interest rates continue to fuel price increases.
Canadian home prices increased 0.15% month over month in October, the tenth consecutive monthly increase. Prices were up in only five of 11 metropolitan markets surveyed: 1.94% in Winnipeg, 0.61% in Vancouver, 0.31% in Toronto, 0.32% in Victoria, and 0.16% in Edmonton. For Toronto, it was the eighth consecutive month in which prices did not fall. Year-over-year increases were much more dramatic: 9.25% in Toronto, and 9.34% in nearby Hamilton. (Source: House Price Index, “Teranet – National Composite House Price Index,” November 12, 2015, http://www.housepriceindex.ca.)
“This recent data highlights the regional dichotomy in Canada’s housing market. The year-over-year composite increase, which is the largest since May 2012, was driven by just four markets: Toronto, Hamilton, Vancouver, and Victoria,” says Bob Aggarwal, president of Canadalend.com. “Across the country, prices were up a modest 0.15% on a monthly basis and 5.57% annually.”
Aggarwal explains that despite strong gains in major centres in Ontario and B.C., many markets across the country have moderated after the Bank of Canada reduced its key overnight lending rate earlier this year. Prices were down 0.78% in Calgary, 1.69% in Halifax, 0.26% in Montreal, 0.61% in Ottawa, and 0.18% in Quebec City. The national average price for homes sold in October was $454,976, which went up 8.3% on a year-over-year basis driven largely by Vancouver and Toronto. Without the Vancouver and Toronto markets, the average price for a home in Canada was $339,059, up 2.5% on an annual basis. (Source: CREA Canadian Real Estate Association, “Canadian home sales rebound in October,” November 16, 2015, http://www.crea.ca/canadian-home-sales-rebound-october.)
“For the most part, Canadian real estate remains affordable for first-time homebuyers . And with interest rates expected to stay pat until 2017, it continues to be an excellent time for those looking to step onto the property ladder. Especially as we head into the traditionally-slower winter buying season,” Aggarwal concludes.
Canadalend.com is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast to coast. Canadalend.com provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and advice for financing concerns. To learn more about Canadalend.com, visit the web site atwww.Canadalend.com .