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Rising Housing Prices Soon to Hit Peak

According to the senior market analyst with the Canada Mortgage and Housing Corporation, average housing prices have been steadily rising but will soon hit their peak. The average price for houses is currently $187 000, up 15% from $162 000 last year, and up 44% from $130 000 in early 2008.  According to the analyst, the prices have peaked mostly due to increased supply, as housing sales in certain regions have tailed off. However, housing sales have risen slightly in rural areas where the average housing prices are slightly lower than the national average. Rural housing costs are approximately $175 000, up from $155 000 in 2009.

Although housing costs have risen substantially, affordability should not be an issue for potential home buyers. This is due to a combination of mortgages rates hovering at an all time low and strong income growth.