What Housing Bubble?
“Canadian Housing Bubble Fears Perhaps Lessened With Small Growth In Prices”
The housing pricing numbers in February, according to the Teranet–National Bank National Composite House Price Index, where up 0.1% with the increase representing the third monthly increase in a row following three consecutive months of decline.
The modest 0.1% pricing increase is a weighted average of all major Canadian centers, with a mixed bag of results across the board. Toronto showed a decline of 0.1% for the month.
Here is the rest of the numbers …Â http://www.mortgagebrokernews.ca/news/teranet-index-shows-small-increase-in-housing-prices/10662
While the collective numbers don’t light my world on fire with excitement, they do show a certain amount of near term stability in housing prices compared to what we are seeing in the U.S. and in other parts of the world.
When you read about the housing market failure in the states and consider all the sub prime mortgage financing that exists in this country through insured mortgage programs, it has been making everyone a little bit nervous as to how the Canadian housing market would respond in 2011.
Apparently, so far so good.
And while some of the recent changes to the mortgage lending rules may put a damper on housing prices somewhat in the coming months as everyone settles into the new lending rules, overall these changes more likely to strengthen the market than weaken it in the long run.
Pricing stability helps maintain lender activity in the market which provides consumers with access to capital and mortgage program choices.
Hopefully the outcome of the Federal election will be a positive influence on the house market, interest rates, and economic growth as well.
With respect to the election, make sure you get out and vote next week as its the only way we as individuals can influence the outcome.
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About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel