Real estate price growth steady across Canada

Recently published data from the Canadian Real Estate Association (CREA) shows that prices for residential real estate in Canada are continuing to edge upwards as the year progresses. The Home Price Index climbed by more than 5 per cent between April and May and this level of increase now seems to be the norm for the early part of 2012. CREA President Wayne Moen said that looking at the bigger picture national price gains are running steady however varying trends in local markets can be poles apart. Greater Toronto posted the largest annual increase at 7.9 per cent with Calgary in second position with gains of 4.8 per cent followed by Greater Vancouver at 3.30 per cent and Fraser Valley and Montreal with 2.4 per cent and 2.2 per cent respectively. For the remainder of 2012 Interest rates are expected to remain close to current levels which will help to support the market for property in Canada despite an uncertain global economic outlook.