Toronto, Canada (PRWEB), September 18, 2013 – Canadalend.com , the leading low-cost private mortgage solution provider in Canada, comments on a new housing index showing record high Canadian home prices are up more than 2.3% year-over-year on the heels of rising interest rates.
According to the Teranet–National Bank Composite House Price Index, which looks at 11 of the largest markets from coast-to-coast, housing prices climbed 2.3% in August from a year earlier. Year-to-date housing prices jumped 3.7%, while on a monthly basis, prices increased by 0.6%. (Source: “Teranet–National Bank National Composite House Price Index,” HousePriceIndex.ca; http://www.housepriceindex.ca/ , last accessed September 12, 2013.)
Six of the cities beat the national average, while three saw record levels. Prices in Calgary were up 6.5% year-over-year, followed by 5.5% in Hamilton, 3.8% in Toronto, 3.5% in Quebec City, 2.6% in Edmonton and Winnipeg, 0.7% in Montreal, and 0.3% in Ottawa-Gatineau. (Ibid.)
“Despite rising housing prices across the country, many buyers are rushing in from the sidelines in an effort to beat the banks higher mortgage rates,” says Bob Aggarwal, president of Canadalend.com. “At the beginning of the year, Canada’s big banks were offering five-year fixed mortgages with interest rates of 2.99%; today, they are hovering near 3.89%.”
The experts at Canadalend.com understand that with borrowing rates on the rise, some first-time home buyers are finding it’s more and more difficult to afford a home. At the same time, there are others rushing into the markets just to beat rising interest rates. Unfortunately, in a tight market, buyers could end up overpaying just to lock in at a low rate.
“While interest rates are a major factor when it comes to buying a home, they aren’t the only part of the equation. With so much at stake, it’s important for home buyers to work with a respected lender that has their best interests at heart—a company that has a proven track record of helping clients not just find the best borrowing rates, but also navigate the entire home buying process,” Aggarwal adds. “At Canadalend.com, our independent licensed agents will do everything they can to ensure their clients make the most informed decision possible, putting them on stronger long-term financial footing.”
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 assists its clients with residential and commercial mortgages, home equity credit, debt consolidation, and financing concerns. To learn more about the company, visit the web site at Canadalend.com .