Home Prices in Canada Experience an Exponential Increase as of May: Teranet House Price Index.

OTTAWA- Home prices in Canada as of May took a rather steady increase as Toronto showed evincing strength, despite all recent efforts by the Canadian government to chill the market. Meanwhile elsewhere in Vancouver, prices sprung up to smash new peaks.
Statistics according to the Teranet- National Bank House Price Index, which is an institute for measuring variations for repeat sales of homes owned by single-families, clearly showed a 2.2 per cent increase last month.
The prices soared across all 11 cities which are part of the index, headed by Toronto with a 3.6 per cent rise and neighboring city Hamilton with a 3.1 per cent increase.
Despite the fact that recent data showed a drop in activity in the Toronto market in May, there’s a fast growth in price in the resale market according to Wednesday’s report.
Compared to last year, prices soared to 28.7 per cent and 23.5 per cent in Toronto and Hamilton respectively which was a record at the time. But according to the report, Toronto which is Canada’s largest city, recorded acceleration on home prices annually for a consecutive fourteenth month.
Amid troubles of overheating, subvention measures were given by the Ontario government at the end of the previous month trying to gain control in price gains in Toronto and its neighboring cities, with an inclusion of foreign buyers’ tax.
More so, even though the foreign buyers’ tax was being imposed or made obligatory by the provincial government of British Columbia, which proved efficient in cooling the West Coast market, nevertheless the market still shows signs of revival.
Last week, a warning was given by the bank of Canada stating that increasing consumer debt levels and the unbalanced nature of housing markets have all but speeded household vulnerabilities.
Housing in Canada as of now is a central and pivotal concern to all aspects of life.