Thunder
Bay- Real Estate- Canada has been ranked #3 in the World Real Estate House
Prices by OECD slightly behind Belgium and Norway yet ahead of France #5,
England #8, Italy #13 and the USA which came in at #19 in affordability.
The
International real estate watchdog expressed concerns in the event that
interest rates started to rise resulting in much higher monthly mortgage payments.
The
Canadian real estate market is effected mostly by supply and demand yet the
Bank of Canada’s benchmark interest rate is not expected to rise until late
2015.
The
global real estate rankings are measured every year by the OECD which uses two
measurements of valuation to calculate and determine if residential real estate
prices are overvalued or undervalued.
First are price-to-rent and
price-to-income ratios to determine the profitability and affordability of home
ownership in each country.
Using
this calculation method Canada now ranks behind Belgium and Norway, and ahead
of New Zealand, France, Australia, Sweden and England.
Canadian real estate market is growing at an alarming rate. This phenomenal growth is more prevalent in the western regions, and this has been primarily aided by increased number of jobs; low lack of employment amount, low interest levels and as the result low home loan prices on the real-estate property.
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