Canada’s home prices were lower than expected last year December even the hot growth of prices in the famous markets of Vancouver and Toronto. However, the home values in some regions of Ontario have risen rather fast and well.
Analysts expected there to be a 0.2 per cent gain. Instead, their expectations were cut short as the gain was 0.1 per cent. However, national prices have risen steadily monthly for the last two years. This Includes apartments and condos which make up one-third of the housing market.
Toronto has become Canada’s top and most expensive housing markets due to its’ unique and amazing rising for twenty-two months non-stop.
Vancouver’s housing and property prices have become flat. The province of British Columbia got a little cool late last year and this condition increased when the tax on foreign homebuyers was implanted.
December’s price increase was entirely due to the cities in Ontario which have had their housing markets boosted by Toronto’s, Hamilton’s and Kitchener’s housing and property prices. In Hamilton ad Kitchener, their prices have climbed amazingly ad surprisingly from a percentage of 0.3 to a percentage of 0.8. This amazed most realtors in the Canadian housing and property market.
Last year, mortgage lending rules were put into place by the government in order to control Canadian’s housing and property market. The Canadian housing market has been growing bigger and robust ever since the financial crisis due to banks low interest rates.
Economists in the housing/real estate market believe that the impacts of these changes will not show themselves until later on into 2017.