After years of strong annual increases, it looks as though Canadian housing market prices, while still healthy, are beginning to moderate.
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Toronto, Canada (PRWEB) November 04, 2014
Canadalend.com, the leading low-cost, private mortgage solution provider in Canada, is releasing its comments on Canada’s moderating house prices. Canadalend.com is also weighing in on why it’s a great time to get a residential mortgage or home equity loan or consolidate debt.
According to a survey conducted by Royal LePage, Canada’s housing prices are moderating. During the third quarter (ended September 30), the average price for condominiums and houses across the country rose between 4.4% and 6.1% year-over-year. The price for a standard two-story home rose 5.5% to $441,714, the price of a detached bungalow climbed 6.1% to $405,101, and the price of a condominium (on average) experienced a 4.4% increase to $257,377. (Source: “Canadian Housing Market Moderates as Prices Move Toward Long-Term Average,” Royal LePage web site, October 15, 2014; http://www.royallepage.ca/realestate/news/canadian-housing-market-moderates-as-prices-move-toward-long-term-average/#.VFJAYfnF8uc.)
“After years of strong annual increases, it looks as though Canadian housing market prices, while still healthy, are beginning to moderate.” says Bob Aggarwal, president of Canadalend.com. “After seven years of robust growth, housing prices are trending back to the long-term average of around five percent. This is great news for those looking to step onto the property ladder.”
Aggarwal explains that going forward; the low interest rates in Canada, coupled with improving economic conditions in both Canada and the United States, will continue to help propel a healthy real estate market. Homeowners looking to consolidate debt or take out an equity home mortgage loan or personal loan can take solace in knowing that the current economic environment and healthy supply-and-demand numbers will protect their primary investment.
“While the Bank of Canada has anchored its key interest rate at one percent since September 2010, most economists believe the rate will begin to climb higher in mid-2015,” Aggarwal concludes. "Whether you’re looking to qualify for a residential mortgage, want to consolidate debt, or wish to take out a personal loan, now is the perfect time to contact the nearest independent, licensed Canadalend.com mortgage agent.”
Canadalend.com is one of the largest and 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 help with addressing financing concerns. To learn more about Canadalend.com, visit the web site at http://www.Canadalend.com.