Canada’s housing market at ‘tipping point’: Royal LePage
Royal LePage Real Estate Services says 2012 will finish with average home prices, up 3.2% and slightly ahead of its 2.8% growth forecast earlier this year.
A recent study from Royal LePage shows that following a period of historically low mortgage rates, the Canadian housing market has reached a 'tipping point'. Citing statistics from a recent article in the Financial Post, we learn that similar situations in the past have led to home prices staying flat, rather than declining. LePage Real Estate is forecasting the year to end ahead of its expected growth target.
The report also touches on the effects of new mortgage regulations, which were announced June 21st and came into effect July 9th. These are expected to impact first time buyers most significantly, and it is estimated that approximately 50% of Canadians are still unaware of the exact changes that were made. To learn more, home buyers are encouraged to speak to a qualified Mortgage Broker.