Canadian Home Prices Dropping three Months in a Row
-January 27,2011| www.preigCanada.com/membership | www.Flipping4Profit.ca ||
Canadian house prices fell for a third month in a row, the Teranet-National Bank Composite House Price Index showed, on declines in four of the six cities it tracks in Canada.
â€œBank of Canada Governor Mark Carney and Finance Minister Jim Flaherty are concern about Debt load of Canadians and tightening the lending criteria to avoid bustâ€ says Navtaj Chandhoke, founder of Professional Real Restate Investors Group (PREIG) Canada and World Wealth Builders.
Prices fell 0.2 percent during the month, following declines of 0.4 percent in October and 1.1 percent in September, according to a report released today by National Bank Financial.
Prices fell 0.5 percent in Toronto, Canadaâ€™s biggest city, by 0.9 percent in Ottawa, 0.8 percent in Halifax, Nova Scotia and 0.7 percent in Calgary. Montrealâ€™s home prices were unchanged and Vancouverâ€™s gained 0.6 percent.
The housing market slowed late last year after the government ended temporary stimulus measures and Bank of Canada Governor Mark Carney warned about record household debts.
Finance Minister Jim Flaherty tightened mortgage lending rules in January, 2011.
Demand for homes has been supported by some of the lowest mortgage rates.
The Teranet index has tracked home-price changes in six Canadian cities since February 2000.
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