Rush of sales not sustainable says one analyst…people are not being prudent and not considering that mortgage rates may rise when it comes time to renew…October home sales up a remarkable 64% and prices up 20% over year prior…
(Source: The Toronto Star)
Home buyers have been “blinded” by historically low interest rates, causing a rush of sales in the housing market that is not sustainable, says an analyst.
“What we are seeing is much more consistent with a boom economy, not a recovering economy,” said Benjamin Tal, senior economist with CIBC World Markets.
Read the full article by Tony Wong, “Housing Market hot, but will it last?” in the Toronto Star, (Nov 05, 2009).