A new survey indicates that home prices were on the increase throughout most of the country last month, including Calgary.
According to the Canadian Real Estate Association's Home Price Index, prices edged up more than 5 percent in March when compared with one year ago. Some of the biggest price increases were in specific metro areas, such as Toronto, which posted a year-over-year increase of 7.3 percent, followed by Vancouver at 5.3 percent, Fraser Valley at 3.3 percent and Calgary at 2.6 percent.
Gregory Klump, CREA's chief economist, noted how the rise in home prices is in line with how the market generally fares in the springtime.
"With that in mind, it's important to look at month-to-month movements in the context of how they compare to the same period in previous years," said Klump. "While the overall monthly price increase was on par with last year's figure, it masks slowing price momentum in the Lower Mainland area of British Columbia."
He added that the more reduced pace of price gains in these areas was countered by the considerable growth in Calgary, Toronto and Montreal.
Prospective homeowners looking to capitalize on the improved valuation of properties can take advantages of affordable Calgary mortgages with Jencor, as fixed rates have hit record lows.
Courtesy of Cathy Lewis from Jencor Mortgage
I've personally used Cathy's services for over 10 years.