Canadian Home Sales Rebound in February; Bubble Fears Overstated-BMO Economics
March 15 2012 - 1:07PM
Marketwired
The Canadian housing market remains buoyant, with an unseasonably
mild winter adding some further interest among buyers, according to
BMO Economics. Today, the Canadian Real Estate Association reported
that seasonally adjusted sales in February rose 1.4 per cent from
January, and were up 8.6 per cent from year-ago levels.
"While sales remain healthy, prices are far from running wild
nationally," said Doug Porter, Deputy Chief Economist, BMO Capital
Markets. "Average prices rose a moderate 2.0 per cent year over
year following an even milder rise in the two prior months,
dampening concerns about a housing bubble."
Mr. Porter noted that just three cities have posted double-digit
price increases in the past year - Toronto, Sudbury and Windsor -
while Vancouver prices continue to decrease. "Most signs continue
to indicate that the national market is broadly balanced and is
moderating on its own accord."
"Continued moderation is a welcome sign, and it bodes well for
prospective homebuyers - particularly in a low interest rate
environment," said Katie Archdekin, Head of Mortgage Products, BMO
Bank of Montreal. "Canadians looking to buy a home should consider
a 25-year amortization as a way to significantly reduce the amount
of interest paid over the life of the mortgage."
BMO offers a new 10-year maximum 25-year amortization mortgage
at 3.99 per cent that is modelled after its popular 5-year mortgage
at 2.99 per cent with the same maximum 25-year amortization. Both
are available to new and existing customers and help customers
build equity in their homes faster. Both rate offers are available
until March 28th. By getting pre-approved, customers have up to 90
days to search for the home of their dreams and take advantage of a
guaranteed rate.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is
a highly-diversified North American financial services
organization. With total assets of $538 billion as at January 31,
2012, and more than 47,000 employees, BMO Financial Group provides
a broad range of retail banking, wealth management and investment
banking products and solutions.
Contacts: Media Contacts: Peter Scott, Toronto (416)
867-3996petere.scott@bmo.com Jessica Park, Toronto (416)
867-3996jessica1.park@bmo.com Sarah Bensadoun, Montreal (514)
877-8224sarah.bensadoun@bmo.com Laurie Grant, Vancouver (604)
665-7596laurie.grant@bmo.com
Bank of Montreal (NYSE:BMO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bank of Montreal (NYSE:BMO)
Historical Stock Chart
From Jul 2023 to Jul 2024