Thanks to ultra-low interest rates and slowing housing price momentum, the Canadian real estate market continues to be more affordable to first-time home buyers. This is great news as we near the typically busy spring buying season
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Toronto, Canada (PRWEB) February 25, 2015
Canadalend.com, the leading low-cost, private mortgage solution provider in the country, is commenting on January’s existing home sales data and the implications for first-time home buyers.
Canadian home prices rose in January. The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, rose 0.2% in January; this cancels the December decline of the same amount. Ultimately, prices were up 4.7% year-over-year. (Source: “Teranet - National Bank National Composite House Price Index™,” House Price Index web site; http://www.housepriceindex.ca/, last accessed February 12, 2015.)
“While the small monthly gain put an end to a two-month losing streak, prices were up in only five of the 11 metropolitan markets survey by the Index,” says Bob Aggarwal, president of Canadalend.com. “Prices were up the most in Vancouver at 1.2%, followed by Victoria at 0.9%, Toronto at 0.6%, Halifax at 0.5%, and Edmonton at 0.3%.”
Aggarwal adds that prices were down -1.6% in Montreal for the fifth time in six months, for a net cumulative decline of 4.7%; one percent in Ottawa-Gatineau, the fourth decrease in six months, for a net cumulative decline of 3.2%; one percent in Winnipeg, the seventh decrease in nine months, but with a cumulative decline of only 0.6%; 0.7% in Calgary, the third consecutive monthly decrease, for a cumulative decline of 1.9%; 0.3% in Hamilton; and 0.3% in Quebec City, with a total decline of 2.7%.
In a separate report issued by Statistics Canada, new home prices were up 0.1% in December and 1.7% higher year-over-year; the small monthly gain was in line with analyst projections. The Toronto and Oshawa region experienced the top growth, with prices rising 0.2%. Prices were up 0.1% in Calgary (though they were actually up 6.5% for the entire year). The new housing price index excludes apartment and condominiums, which account for one-third of new housing. (Source: “New Housing Price Index,” Statistics Canada web site; http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/manuf12-eng.htm, last accessed February 12, 2015.)
“Thanks to ultra-low interest rates and slowing housing price momentum, the Canadian real estate market continues to be more affordable to first-time home buyers. This is great news as we near the typically busy spring buying season,” Aggarwal concludes. “Those thinking of stepping on the property ladder this winter or spring should contact a licensed, independent, Canadalend.com agent. We help clients find out what kind of mortgage they can afford and get them the best rates, as well as the mortgage products best suited to their lifestyle needs.”
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 assistance with financing concerns. To learn more about Canadalend.com, visit the web site at http://www.Canadalend.com.