Despite the sales dropping by about 10% in February adjusted for the leap year in 2012, home prices are still rising by about 2% this year over last. The biggest hit to sales was in the 1 million plus sector as the government will no longer insure those mortgages. The Toronto Land transfer tax was also an issue for many. Jason Mercer – Senior Manager, Market Analysis sees continued price increases to 3-4%. This is supported by the MLS® Home Price Index. This on-line tool shows price increases across Canada in different categories or overall. Average price in 2013 $515,000.00. Check out the full report in the video here.
Home prices Still Rising
March 27, 2013