Canada's home prices still flat in April

By Kay Rivera

Statistics Canada recently disclosed that the country's residential market maintained flat prices for the second month in a row last April. This was driven by higher interest rates and stricter mortgage regulations, according to Reuters.

It was also reported that overall prices increased in eight Canadian cities for March, while staying flat or dropping in 19 others.

Prices in Toronto dropped 0.5%, the fourth consecutive monthly decrease, after the provincial government’s new set of regulations continued to impact the city’s housing market.

Meanwhile, in British Columbia, where there is consistent demand for residential properties, Vancouver has maintained its home prices since January.\

Notably, the recently reported prices exclude apartments and condominiums, which account for one-third of new housing and are a cause for concern for the federal government.

 

Related stories:
British Columbia's housing tax foreseen to affect market prices
High consumer debt, housing market pose risks to financial system

 

More Mortgage Guide