As we cap off the month of February, we continue to see record-high sales in the Canadian housing market, despite lockdowns and stay-at-home measures across the country. Check out the latest in mortgage news to see what happened over this past month:
Despite recent lockdowns, housing prices and sales across Canada continue to thrive in and nearby densely populated urban centres. With interest rates at record lows and the housing market steadily rising over the last decade, the lure to homeownership is becoming too strong for many to ignore.
The Teranet-National Bank Home Price Index rose 9.6% over the previous year in January and has projected that the limited supply of homes on the market will keep housing prices on an upward trajectory in specific regions.
According to the Canadian Real Estate Board, the pandemic or a lack of housing supply didn’t stop homebuyers from entering the market in January, with sales for the month up 35.2% compared to 2020.