March 2, 2011
Stable Housing Outlook Continues
Did you know prices in the new home market increased for the 12th month in a row, according to figures released by Statistics Canada. The annual 2.3% growth in the price of new homes was modest compared with the resale market, which saw a 9% jump in 2010 values over 2009. “This reflects the continued recovery of the overall housing market in Canada, “ said Queen’s University Urban Planning Professor John Andrew. Meanwhile, the latest housing report by the Bank of Montreal says, “Prices are now rising more slowly than incomes, supporting affordability and reducing the risk of a correction when interest rates normalize.”
