Looking back on the month of March, yet again we continue to see record-high sales in this hot Canadian real estate market. Check out the latest in mortgage news to see what we can expect as we move forward into the spring housing market.
The Canadian economy proved to be more resilient than anticipated to the second wave of the virus, however, the Bank of Canada expresses that there is still considerable economic slack and a great deal of uncertainty. Until the two percent inflation target is achieved, the BoC remains committed to holding the policy interest rate low.
The pandemic has had lasting effects on the global economy, rates of unemployment and the financial stability of many Canadians. Our CEO & Co-Founder Jesse Abrams explains that even if your financial situation has recently changed, there are still options available for you to get a mortgage.
With rock-bottom interest rates, a change in housing needs and more savings within Canadian households, the pandemic has certainly not stopped homebuyers from entering the market and achieving their investment goals.
The Canadian Real Estate Association’s outlook suggests that home sales will remain strong this year and begin to cool down in 2022. The national average home price is forecasted to rise by 16.5% in 2021, suggesting another record-high year of sales upon us.
National home prices rose 0.5 percent in February from the month before, with housing markets in Halifax, Hamilton, Vancouver and Quebec City posting particularly strong monthly gains. Data also shows that home price appreciation is accelerating once again, as Canadians show no signs of slowing down for the spring.