The monthly gain of 1.3 percent was led by a 2.3 percent increase in Ottawa, followed by 1.8 percent in Montreal, according to a report today by National Bank Financial. Overall prices rose 13.6 percent from May 2009. The index has tracked home-price changes in six Canadian cities -- Calgary, Halifax, Montreal, Ottawa, Toronto and Vancouver -- since February 2000.
Housing investment should slow through this year and into 2011 after spending was pulled forward by low mortgage rates and temporary tax credits, the Bank of Canada said July 22. The central bank raised its key lending rate for a second month to 0.75 percent on July 20 and said further action would be “weighed carefully” against an economic recovery.
Alexandre Malhassiants is an active mortgage professional with Centum Mortgage Inc. and sales representative. Have a question? Please e-mail amalkhass@rogers.com or call 416- 723-9383.
Toronto real estate. CANADA HOME PRICES INCREASED
![Toronto real estate. CANADA HOME PRICES INCREASED]()
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