The latest Teranet housing index has found Canadian resale home prices to be up 4.7 per cent across Canada in March, showing a strong beginning to the spring house-buying season.
Only Winnipeg and Ottawa-Gatineau saw a drop in prices compared to March 2014. March and May are traditionally seen as the season for the largest number of home sales.
Moreover, average prices also soared to 0.3% last month, as eight of the 11 metropolitan areas exhibiting rising values.
Despite the rise in prices, customers are able to take advantage of lower mortgage rates in Canada these days, the CBC reported.
The most recent lender to drop its rates was Meridian, Ontario's largest credit union, when it dropped the 18-month fixed term mortgage rate to a historic 1.49 per cent.
BMO in March also slashed its fixed five-year rate to 2.79 per cent, which led TD Bank to match the rate.

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