More people are turning to mortgage brokers for home financing
Canadian home sales have done well since the recession, but there are signs of slowing. The National Bank Composite House Price Index was up just 2% year on year in April 2013. This is the smallest increase in its 15 year history (outside of the 2008/2009 global recession). *
However, index results varied widely in cities across the country. Calgary (5.5%), Edmonton (3.6%), Winnipeg (4.4%), Quebec City (6.6%) and Toronto (4.3%) all showed gains above the national average. Victoria (-3.3%) and Vancouver (-1.5%) showed home price deflation. With record low interest rates, tighter federal mortgage requirements and slower growth, the Canadian mortgage market has become increasingly competitive.
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