The Canadian Real Estate Association says house prices across the country kept soaring in 2014, making the market overpriced.
But this has not hindered people from spending more. For Robert Turcic Construction business owner Roger Turcic, Canadians have no problem shelling out money on their house.
“We have a lot of work booked up ahead which is different than it been in years past,” Turcic told CTV News Barrie
“It basically tells me that people are willing to spend money on their homes and get the renovations they want to make their home exactly what they want and be comfortable in it.”
Meanwhile, the Bank of Canada (BoC) said the housing market could be overvalued by 15% to 30%. This is worrying given the amount of debt the average Canadian has, added the BoC.
Industry observers link this to oil prices as it has “created uncertainty in the Canadian economy”.
However, real estate broker Jason Ruttan of Wasaga Beach, downplays the concerns, attributing this to markets in big cities like Toronto and Vancouver.
“We think there is great value for what you can get, bigger bang for your buck, in our area compared to other areas in the province,” Ruttan told CTV News Barrie
. “Our prices might be a little less than average, but I think if you were to compare square footage, features, and quality of construction, I think you would find that there is great value in our area.”
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