On a year-over-year basis, 10 of the 11 cities measured in the index saw housing prices rise. Victoria was the exception, where prices fell 0.1% from October 2013
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Toronto, Canada (PRWEB) November 27, 2014
Canadalend.com, Canada’s leading low-cost, private mortgage solution provider, is weighing in on strong October housing sales data and why housing prices should continue to increase well into 2015.
According to the recently released Teranet-National Bank House Price Index, Canada’s housing market remains resilient, with strong growth in Toronto, Hamilton, Calgary, and Vancouver. The Index, which measures price changes for repeat sales of single-family homes, says national prices climbed 4.5% year-over-year in October. The solid 5.4% increase matches the 4.5% gains reported in September. (Source: “National Composite House Price Index,” HousePriceIndex.ca, November 12, 2014; http://www.housepriceindex.ca/.)
“On a year-over-year basis, 10 of the 11 cities measured in the index saw housing prices rise. Victoria was the exception, where prices fell 0.1% from October 2013,” says Bob Aggarwal, president of Canadalend.com. “The strong annual increase was led by four cities; home prices in Calgary were up 9.1% on the year followed by Toronto at 7.4%, Hamilton at 7.3%, and Vancouver at 6.5%.”
Aggarwal explains that the resale market in these cities remains tight, with demand outstripping supply. The year-over-year increase was more moderate in other parts of the country: housing prices were up 4.9% in Edmonton, 2.5% in Winnipeg, 1.1% in Montreal, and one percent in Quebec City.
Aggarwal notes that having risen for the last 11 months, the Teranet-National Bank House Price Index is at a record high, which reinforces the ongoing strength of the Canadian housing market. It also points to the fact that now is a good time for those looking to sell their house.
“One of the main indicators propelling the Canadian housing market higher is the ultra-low key overnight lending rate, which the Bank of Canada has kept pegged at one percent since September 2010,” he adds. “Keeping it artificially low means the rate that commercial banks and other lenders charge customers for mortgages and loans will continue to hover near three percent. It should also help drive Canadian housing prices higher well into 2015.”
“Home buyers looking to take advantage of near-record-low interest rates should contact a licensed Canadalend.com agent,” Aggarwal concludes. “Because we’re independent, a Canadalend.com agent can draw from hundreds of different lenders, getting our clients the best mortgage rates possible.”
Canadalend.com is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast-to-coast. To learn more about Canadalend.com, visit the web site at http://www.Canadalend.com.