12 Aug High house prices aren’t stopping Canadians from buying. Here’s why.
Original article via Toronto Storeys. Click here to read.
It doesn’t look like the housing bubble will pop anytime soon. Despite high prices, housing demand in Canada continues to climb and sales continue to soar.
According to Toronto and Vancouver real estate board data, home sales rose by 24 per cent year over year in July in both cities. The increase was fuelled by low interest rates and high demand. The Bank of Canada has held the interest rate steady at 1.75 per cent for six-straight announcements, and economists believe it will remain unchanged for at least another year, the Financial Post reports.