Posted by genieSABRE on Apr 5, 2012
Home prices rise in February, but pace slows

Home prices rise in February, but pace slows

WHY Home Prices are still on the Rise?

Source: Hannif Highclass
Publish:MY BLOG: Toronto Real Estate: April 6, 2011

what you should expect

Price increases in Canada’s booming housing market may be topping out, according to the latest survey by the country’s largest real estate organization.

The Canadian Real Estate Association says the survey of five major housing markets showed prices continued to rise in February.

However, the 5.1 per cent year-over-year increase in February was the smallest since June 2011. It was also the fourth consecutive month in which gains slowed.

Low interest rates may shield housing market from bubble:
Bank of Montreal chief economist Sherry Cooper argues that despite the Bank of Canada’s repeated warnings about the alarming deterioration in the country’s household debt levels, driven in no small way by a seemingly unstoppable upward march of home prices, the residential real estate market is not teetering on the edge of a U.S.-style meltdown.

“We have the luxury of time – because interest rates aren’t going anywhere,” said economist Benjamin Tal of CIBC World Markets.

“Because of low mortgage rates, the typical home buyer still spends just over one-third of disposable income on mortgage payments, a share that’s just modestly above long-term norms,” Ms. Cooper and Mr. Guatieri wrote.

Nevertheless, economists agree that home prices have become too high, and a slowdown in the housing market looks likely.

As well, gains decelerated in all housing categories tracked except for two-storey, single-family homes.

The aggregate composite MLS HPI rose 1.1 on a month-over-month basis in February, with prices for two-storey, single-family homes up 1.6 per cent. Prices for townhouse/row and apartment units saw smaller gains of 0.4 and 0.5 per cent respectively.

Gregory Klump, CREA’s chief economist., said the HPI typically rises in February from the previous month as demand ramps up leading into the spring housing market.

“(But) The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing,” Mr. Klump said.

The index based on single-family, townhouse/row unit, and apartment unit sales activity in Greater Vancouver, the Fraser Valley, Calgary, Greater Montreal and Greater Toronto.

 



REMEMBER: Real Estate

Home Owners: If, you already own a home – good for you!

May you be blessed with
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Call: Hannif Highclass @ 416.444.4252

http://www.geniesabre.com

 

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