The latest MLS average real estate numbers from the Canadian Real Estate Association show real estate values are up in nearly every major city across Canada year over year for the month of May continuing the trend from April.
The latest mortgage rate increases are sure to slow the strong housing market growth as home buyers find it more difficult to qualify for mortgages. The Canadian economy appears to be gaining strength which is a good sign but this will result in mortgage rates continuing to rise putting pressure on real estate prices.
The Canadian real estate market continues to be very balanced over all. National home sales rose 3.6% from April to May and the national average sales price rose 3.7% on a year over year basis.
