Canada’s Housing Market is “awe inspiring”
Overseas Property News - Canada
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"The awe-inspiring rebound in Canada's housing market just keeps rolling along," said BMO Capital Markets deputy chief economist Douglas Porter.
National home sales soared 18 per cent, year-to-year, in the third quarter to a total of 135,182 units, on an unadjusted basis, and average prices rose 13.6 per cent in September from a year earlier to $331,602.
Seasonally adjusted home sales activity now stands 48 per cent above the low reached in the fourth quarter of 2008, The Canadian Real Estate Agency (CREA) reported, a fact that might have prompted Canada's major banks to hike mortgage costs this week to a posted five-year fixed rate of 5.84 per cent.
At the same time, September listings of homes for sale posted the largest decline in more than six years and are down 16 per cent from one year ago, resulting in a very healthy imbalance in supply and demand.
“Firming home prices and an improving economic environment should eventually lure back more sellers and restore a healthier market balance," said Martin Foster of DSR Asset Management, "but for now expect continued upward pressure on prices."
Canada's hot housing market may have more room to run as buyers scramble to lock in at low rates, but a lack of supply is driving up prices. Enquiries for DSR’s land plots and homes in and around Montreal are at record levels.
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