RAPID RISING CDN HOME PRICES AMONG HIGHEST IN WORLD
Oct 01, 2015
By Bob Komsic
Home prices in Canada, among the fastest rising anywhere, rose 8.2% in the spring (April-June) compared to a year ago, according to the Bank of Nova Scotia.
Ireland came in first with a 13.3% hike, followed by Sweden at 10.5%.
Australia was a touch above Canada at 8.3%.
The Bank of Nova Scotia’s Adrienne Warren says, ”Canadian home sales and pricing are proving resilient in the face of a more challenging economic environment, buoyed by ultra-low borrowing costs and favourable homebuying demographics.”
But she warns that ”among the more robust housing markets globally, including Canada, Australia, the U.K. and Ireland, stretched affordability could pose an increasing challenge.”
Warren adds foreign demand for luxury properties in top-tier cities will likely remain high, pointing out Canada’s among the traditionally popular markets for foreign investors.