OTTAWA, January 26, 2017 — Canada Mortgage and Housing Corporation (CMHC) is reporting strong overall evidence of problematic housing market conditions nationally for the second consecutive quarter due to overvaluation and price acceleration in Canada’s housing markets. This assessment largely accounts for market conditions in Vancouver and Toronto where strong price growth has been spreading to neighbouring centres such as Hamilton and Victoria.
Canada saw house prices grow by 7 per cent year-over-year at the end of the third quarter of 2016 after adjusting for inflation. However, removing Ontario from the calculation would have seen house prices remain flat through to the third quarter.
Pricing pressure has driven prices up but is it sustainable? Currently there is still a lack of inventory, and multiple offers on properties is not unusual!
What does this mean to you? Well it depends on your neighbourhood. Let me guide you so you truly understand your Real Estate value in this market. Call me, Email me, or just use the contact button on this website!
To see the full CMHC article please CLICK HERE