The Design District.New house prices in Canada are on the rise. New home prices in Canada rose slightly at the beginning of the year, driven by rising house prices in Toronto.Please Visit: The Design District to Get Your VVIP Registration Today!
New home prices in Canada rose 0.1% in January, in line with the increase in December and 3.1% compared with the same period last year. The new house price index does not include the price of apartments, which account for about 1/3 of new homes.
In the case of rising land prices, house prices in Toronto rose by 0.2%. The rising cost of buying a house in Toronto in recent years has led some economists to worry that a bubble may be forming. House prices are also rising in other cities in Ontario, including Kitchener and Waterloo by 1.0%. Overall, prices rose in 14 of the 27 cities surveyed, fell in 7 and remained unchanged in 6.
However, prices in the once-hot Vancouver real estate market fell 0.1 per cent month-on-month, despite an increase of 3.6 per cent from a year earlier. Housing activity began to cool last year, even before the BC provincial government imposed taxes on foreign buyers in the city.
Stricter mortgage rules imposed by the government last year are expected to control Canada’s housing market, which has been strong since the financial crisis at low interest rates. But the increase in housing starts in February suggests that Canada’s long-term property boom will continue to slow more than expected.