GTA and West Coast prices up 20% from a year ago…Montreal prices up 9%….
(Source: The National Post)
Spring is typically a busy time for the real estate business, but this year may make others pale in comparison.
With new mortgage rules in effect April 19 that will make it tougher to borrow in some cases, the new harmonized sales tax (HST) in Ontario and British Columbia beginning on July 1, and the Bank of Canada likely to hike short-term interest rates, it’s no surprise buyers are becoming panicked.
“It’s extremely busy out there right now. There is clearly a shortageofproperties for salein many parts of the country,” said Michael Polzler, executive vice-president of Re/Max Ontario-Atlantic Canada.
Read the full article, “When housing boom meets rate-hike panic” in the National Post, (April 07, 2010).