5 June 2014

The recent Scotiabank report says more than two-thirds of Canadian citizens took necessary measures to become mortgage-free faster.

“Even with the strong price growth this year many borrowers are still quite comfortable with their monthly mortgage payments, since borrowing costs have been near record low levels during the previous few months,” – Usher added.

Nevertheless, weak supply in Toronto caused numerous bidding wars, which have often raised home prices by tens of thousands of dollars.

“The situation with the lack of supply in GTA hasn’t improved last month. As a result, the competition between homebuyers have increased,” – noted Jason Mercer. “In the end, price growth was high above the inflation rate, especially in case of singles, semis or townhouses”.