Property boom in Canada continues | Mount Kisco NY Real Estate

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Canadian home prices increased by 5.2% in May compared to same month last year, according to the Canadian Real Estate Association (CREA).
The data released by the industry group shows that the greatest property price growth was recorded in Toronto, up 7.9% year-on-year. Prices appreciated by 4.8% in Calgary, 3.3% in Vancouver, and 2.2% in Montreal.
The rapid rise in Canada property prices is becoming a growing concern for policymakers due to fears of a housing bubble in the country.
The federal government has already introduced various measures aimed at cooling the market, including tightened rules for borrowers and mortgage lenders.
The increase in the Canada home price index for May was the same as April's annual gain.
"If the government needed further validation to tighten its mortgage rules yesterday, it has it with the May home price report," Sal Guatieri of BMO Capital Markets.
CREA's chief economist, Gregory Klump, commented: "The continuation of low interest rates will continue to support Canadian housing activity and prices for some time to come.
via propertyoverseastoday.com

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