BY VARUN ROBBY SHARMA, ASSOCIATE LAWYER
With the spring real estate season in full bloom, we track trends within the real estate industry. The Globe and Mail has recently reported that despite reaching a new peak last month, growth in the Canadian real estate market appears to be slowingin comparison to the year before.
With the spring real estate season in full bloom, we track trends within the real estate industry. The Globe and Mail has recently reported that despite reaching a new peak last month, growth in the Canadian real estate market appears to be slowingin comparison to the year before.
The Teranet-National Bank House Price Index reported its weakest April with a rise of only 0.2 per cent from March. Compared to March, which saw a year over year growth of 4.7 per cent, April reflected a slowdown with a gain of only 4.4 per cent when compared to the same month last year.
Although not framed as a cause for concern, the index has reported its weakest April (excluding 2009 recession) since its 17 year tracking history. The driving factors are noted to be the real estate markets of the big cities like Toronto and Vancouver, combining for nearly half the national average.
Despite the hot hand of the Toronto and Vancouver markets, other Canadian cities appear to be lagging behind seeing an annual gain of only 3.4% without the two major contributors.
Whether the market is hot or slow, our Toronto real estate lawyers assist with all your real estate needs, including buying, selling, refinancing as well as title transfer services.
- Varun Robby Sharma, Associate Lawyer
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Sources:
1. http://www.bnn.ca/News/2015/5/13/Home-prices-reach-new-peak-but-growth-slows.aspx
2. http://www.cbc.ca/news/business/average-house-price-in-canada-up-9-5-to-448-862-1.3075567
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