Toronto, Canada, October 23, 2015 – Canadalend.com , the leading low-cost private mortgage solution provider in the country, is commenting on strong September resale housing data as property buyers take advantage of the busy autumn real estate season. Canadalend.com is also stating its belief that the Canadian real estate market will remain robust, with interest rates expected to remain on hold until 2017.
According to recently released data, Canadian home prices increased 0.6% month-over-month, well above the 17-year September average of 0.2%; this marks an all-time high in September for a seventh consecutive month. On a year-over-year basis, sales were up 5.6%, marking the largest 12-month increase since May 2012. That said, prices were up in just six of 11 metropolitan markets—Toronto, Vancouver, Victoria, Hamilton, Calgary, and Halifax—while prices declined in Quebec City, Winnipeg, Ottawa and Montreal, and were flat in Edmonton. (Source: “Teranet National Composite House Price Index,” HousePriceIndex.ca, October 21, 2015; http://www.housepriceindex.ca/).
“This recent data continues to show the strength of the real estate market in Canada’s two hottest cities, Toronto and Vancouver. While the index is at an all-time high, only Toronto, Hamilton, Vancouver, and Victoria are setting records,” says Bob Aggarwal, President of Canadalend.com. “The national average price for a home sold in September was $433,649; that represents a 6.1% increase over September 2014. But if excluding Toronto and Vancouver from the equation, the average was $334,705, or just a 2.9% increase from September last year.”
Canada’s strong housing market is being supported in large part by ultra-low interest rates that lower the cost of buying a home. On top of that, an improving economy and balanced housing market means real estate activity in most markets across the country will continue at a moderate pace.
“Many fear that an improving Canadian economy will translate into higher interest rates. While rates will eventually rise, the economic recovery currently happening in Canada is not strong enough to warrant a rise in interest rates until 2017,” Aggarwal concludes. “As a result, it continues to be an excellent time for first-time home buyers or those looking to refinance their mortgage or even consolidate debt.”
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 addressing financing concerns. To learn more about Canadalend.com, visit the web site atwww.Canadalend.com .