According to the CBC, Canadian's paid 7.7 percent more for homes than they did last year. The Canadian Real Estate Association said the average sale price for an existing home is now $349,916, up about $25,000 from a year ago. The market clearly remains strong. In addition, economic troubles outside of Canada are keeping interest rates low and mortgages attractive for Canadians.
The Bank of Canada has a number of reasons to keep rates low and encourage the continued rebound in the Canadian housing market. Nationally, Toronto and Vancouver showed some signs of slowing down, with many other parts of Canada picking up steam.
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