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Canadians Optimistic About Housing Market

10 December 2009



Last month the Canadian Association of Accredited Mortgage Professionals (CAAMP) released their Annual State of the Residential Mortgage Market in Canada report. The report is based on several resources including an online survey of 2,000 Canadians.

The report shows that new housing starts between August and October 2009 were generally down across Canada from the previous year. However, the overall good news is that despite the economic downturn, Canadian consumers are optimistic that this is a good time to buy a home.

As well, the average MLS resale price for local markets was up. As of October 2009, the least expensive place in Canada to buy a house was Saint John at $178,632. The most expensive properties continue to be in Vancouver with an average amount of $638,948.

With the Bank of Canada expected to hold the interest rate at 0.25% and the prime lending rate at 2.25% until mid-2010, there’s still time to contact your mortgage broker to get into the housing market before rates rise.

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