Despite spiking house prices, ownership became slightly more affordable
Home ownership became more affordable in Canada thanks to rising household incomes, low and steady interest rates and cheaper utility costs in many parts of the country.
Due to the robust activity in some of Canada's hottest markets (Calgary, Toronto & Vancouver) resales have risen for the eighth time in the past nine months. The rest of the country share a balanced, or soft conditions.
One of the key factors in the strength of the housing market across the country can be credited to the declines infixed mortgage ratesearlier this year. Many banks and economists are predicting that rising interest rates will slow the market down in 2015, when the Bank of Canada is expected to raise its overnight rate.
The next stage of the housing cycle expects to be a transition toward lower resales and slower price increases.