Ajax condos for sale. House prices in Canada have risen for four months in a row. This Chinese inhabited area has been dragging its feet! House prices in Canada have been rising for four months in a row! Canadian house prices rose for the fourth month in a row in August, with annual increases rising for the first time in nine months, according to data released on Thursday.
Canadian house prices rose 0.4% in august from July, according to the national bank’s composite house price index.
Marc Pinsonneault, senior economist at the National Bank of Canada, said the index was also higher on a seasonally adjusted basis, but not in May, June and July.
The Bank of Canada said earlier this month that activity in the Canadian property market had recovered faster than expected because of falling mortgage rates. Stricter lending rules introduced by the government in early 2018 curbed real estate transactions.
However, the August increase was still below the 21-year average. The index rose 0.6 per cent compared with the same period last year. Among them, the capital Ottawa-Gatino led the growth rate, rising as high as 6.4%.
In Toronto, Canada’s most populous city, house prices rose 3.8% from a year earlier. But some markets in western Canada dragged down the overall data, such as Vancouver, where Chinese are concentrated, and the house price index fell 6.6 per cent.
Klachkin, a US economist at the Oxford Institute for Economic Research, said that the rebound in employment and increased savings will boost consumer confidence and encourage consumers to spend at a very rapid pace in the summer.
“after consumers have been locked up at home for more than a year, there are still many things to be happy about,” he said. “
Consumers are also keen to buy homes, showing that sluggish supply will continue to fuel the rise in house prices. Nationwide, the s & p CoreLogic case-Schiller house price index rose 14.6% from a year earlier, the biggest increase since 1988 and the 11th month in a row that house prices accelerated.
The composite index of 20 cities rose 14.9% from a year earlier, up from 12.9% the previous month.
House prices in all 20 cities rose from last year, with the biggest increases in Phoenix (22.3%), San Diego (21.6%) and Seattle (20.2%). Chicago (up 9.9%) had the smallest increase.
“the performance in April was really excellent.” Craig J. Lazzara, head of global index investment strategy at Standard & Poor’s Dow Jones Index, said, “We thought that part of the strength of the U.S. real estate market was due to people’s response to the COVID-19 epidemic, as potential buyers shifted from urban apartments to suburban homes. The April data are still in line with this assumption. “
Low mortgage rates and rising demand for suburban homes have boomed the US real estate market for more than a year, and the scarcity of housing has also contributed to the surge in house prices. Sales of second-hand homes in the country fell for the fourth consecutive month in May.
However, house prices are expected to remain high. Builders see high-priced materials, supply shortages and a shortage of skilled workers as ongoing challenges in building new homes.
