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NEWS JUNE 2014
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  TORONTO, June 4, 2014. In February, home sales reported by Greater Toronto Area REALTORS® were up by 11.4 % compared to the same period last year.

The
average selling price for February 2014 up by 8.3%.

“We are now at the peak of the spring market when we generally see t he greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the month ly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months”
     
  Interest Rate Rise Not Necessarily Means Lower Prices
Most economists are expecting a gradual increase in fixed mortgage rates over the next two years.

We know how the story goes; house prices spiral up too high, the interest rate gets increased, demand slows and prices drop. That’s the theory and it does sometimes play out that way, but not always. Robert Kavcic is an economist for the Bank of Montreal, and he’s been running some numbers based on a couple of scenarios. He’s in no doubt that if the Bank of Canada decided on a 2% rate hike overnight, there would be a ‘significant correction’ in house prices. However, if that rise was, as it is likely to be, more gradual over the next 18 months or so, and incomes continue to rise, then prices may not drop.

 
  Best Cities in the World To Invest In Real Estate

Canadian cities top the world for the real estate markets that make the best bet for long-term investment, according to a study from U.K. property developer Grosvenor — but they may not be such a great investment in the short term. Toronto, Vancouver and Calgary took the top three spots, respectively, on the survey that aims to measure which real estate markets are the most resilient, and therefore make the best long-term investment. "Canada, as a whole, is doing exceptionally well in developing resiliency,” Richard Barkham, group research director at Grosvenor, said in a statement. “The top three most-resilient cities in Grosvenor's Resiliency index are Toronto, Vancouver and Calgary. For investors in property and real estate, it makes Canada a very sound long-term investment." Barkham singled out Toronto for praise, saying the city’s long-term commitment to developing and upgrading infrastructure placed it at the top of the rankings. The three top-ranking cities were the only Canadian ones surveyed in the study. Chicago came in fourth place.
 
       
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