Over the past 6 months there has been a lot of worry about how tightening mortgage rules will impact the Canadian housing market. If you’ve been reading any newspaper you will have come across headlines to the contrary….even the Chicago Tribune recently published “A year of pleasant surprises for the housing market”.
BMO Capital Markets Assessment states Canada’s housing market “is cruising at an above-normal altitude”. The concensus Calgary is the place to be :
It is the strongest major market in Canada, with house sales 20 per cent above historic norms and benchmark prices up 8 per cent, virtually making up for the 16 per cent decline in prices from 2007 to 2009. Prices remain at more reasonable four times median family income and demand remains extraordinarily high.
BNN Rebound in continues in Canada’s housing market – Home sales continued bo be strong in a number of major cities in November, with preliminary local data indicating that the country’s housing market is still rebounding.
The Globe and Mail Housing market on solid footing
The Financial Post What soft Landing? Bullish realtors see no slowdown
What is the prognosis?
Think house prices are unaffordable now? It gets worse – Globe & Mail
One thing for sure you can’t bet on a sure thing and you have to rely on the fundamentals when making your decision to purchase real estate.