Canadian home prices hit record in May
Canadian home prices got a boost in May, hitting a record high, according to the Teranet National Bank house price index. Prices were up 0.8 per cent in May from April. Halifax, where prices had fallen in the early months of this year, had its strongest month-to-month price gain ever, with an increase of 3.1 per cent. Calgary’s prices hit a record high after four consecutive months in which price gains topped 1 per cent. Prices in Hamilton and Toronto also reached record levels.
Full article –http://tinyurl.com/offebcn
Source: Globe and Mail & CREA
Why Canada’s housing boom could be in for a big echo
A new report suggests the housing market may have stronger legs than anybody thinks because of a massive number of echo boomers in the market. Bank of Montreal economist Robert Kavcic says the echo boomers may be poised to start buying those detached homes when the boomers finally start retiring and downsizing.
Full article - http://tinyurl.com/mqmpdx6
Source: Financial Post & CREA