The mortgage lender’s report says that “Canadian home sales and pricing are proving resilient in the face of a more challenging economic environment, buoyed by ultra-low borrowing costs and favourable homebuying demographics.” It also notes that foreign demand for property will continue to be strong, especially for high-end luxury homes, and that Canada will be one of the main targets due to exchange rate advantages.
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Low interest rates are a large factor in rising house prices as buyers take the opportunity to buy now buy big. The heat in the market has put Canada in the top four countries in the developed world for fast-rising home prices according to a new report from Scotiabank. Canada, with an 8.2 per cent increase year-over-year to the second quarter of 2015, sits behind Ireland (13.3 per cent), Sweden (10.5 per cent) and Australia (8.3 per cent). Canada’s price growth compares to the 5.4 per cent rise for the US.