Today’s Announcement by the Bank of Canada will do nothing to keep the rising prices at bay.
Home Sellers in Toronto aren’t complaining about the ongoing increase in prices in the GTA according to The Globe and Mail, as a matter of fact prices are up 115 over the same time last year. The fact is its tougher for Home Buyers with homes being so much less affordable. TREB also notes that the volume of home sales have increased over last year with the GTA Condo Market continuing to demonstrate strong sales. Low interest rates are likely the thing prompting buyers to take part in such a high priced marketplace. With recent reports indicating that a soft economy will cause the Bank of Canada to hold rates until well into 2015 we will have to see if the prices will continue their climb. Get a same day pre-approval, apply now.