Smaller Canadian Cities are Starting to Show Promise

While Toronto and Vancouver have been hot in the housing market, many other Canadian cities have started to feel the heat.

Sixteen cities already have reached a double-digit percent increase in sales. About 7 of those cities have already surpassed over a 20% in sales. Vancouver sales are still strong with a 38% in sales. Even cities such as Edmonton and Calgary that have shown decreases in sales have started to show stabilization.

BMO chief economist Douglas Porter explained, “The big picture here is that Canadian home sales and prices remain remarkably resilient, and this is not just a Toronto and Vancouver story any longer.” He also remarked that many smaller markets are starting to show ” some real spark”.

Across the country the median price is at a 3.5% gain. Winnipeg, Ottawa, and Montreal show some real promise with a 4-5% sale increase this year. Many smaller Ontario cities are also showing a steady increase in sales such as London, Kitchener, Waterloo, St. Catherines, Hamilton and Windsor.

While the sales have been increasing this year across the country, MonsterMortgage.ca still continues to ask homebuyers to understand and evaluate all their mortgage options before buying a home. You can reach out to a Mortgage Professional completely free of charge to make sure you are aware of what is affordable and what your options are when it comes to minimizing the interest that you pay.

Vancouver and Toronto continue to experience an ever increasing spike in sales, but other Canadian cities are starting to have the same affect. For more insight on the topic click here.