Aug 31 2016
Canadian housing market has been stronger during the recent days than ever in the past. Across the country home prices went up by 8.8 per cent in an average according to the figures released by the Canadian Real Estate Association. Recently, Toronto market reported the lowest number of new homes sold in a decade. The price hike has pushed up the affordability of homes beyond the reach of several new home buyers accounting for a considerable reduction in sales. At the same time, in some segments, the home buyers purchased homes in more numbers in order to lock in before the prices rise any further. Banks intend to keep the interest rates lower and this comes as good news for most home buyers.