You may not need to panic about million-dollar homes — even in Toronto and Vancouver

The Canadian Association of Accredited Mortgage Professionals (CAAMP) looked at data over a 27-month period, based on about 620,000 households that move into dwellings each year, and found that only about one per cent of all homes — detached, semi-detached, multi-family — are worth $1 million or more nationally.

The million-dollar average detached house has become synonymous with the real estate market in Canada’s most expensive cities. But despite all the handwringing in the media about the rocketing price of houses, new data show that the seven-figure price tag is hardly the new normal.

For the rest of the article please go to: http://business.financialpost.com/personal-finance/mortgages-real-estate/you-may-not-need-to-panic-about-million-dollar-homes-not-even-in-toronto-and-vancouver

 

Source:Financial Post, 06/10/2015

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Sharon Chung

Sharon Chung

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