Every bird loves its own nest, the saying goes, and Canadians are proving no different.
Low interest rates and attractive financing options are making home ownership increasingly popular compared to renting, even though home prices have risen faster over the past two decades, according to a Statistics Canada report released yesterday.
The trend was apparent in April, when Canada's resale housing market shattered numerous records. According to the Canadian Real Estate Association, April set new highs for the number of units sold, average prices and dollar volume.
Year-to-date transactions were 7.4 per cent higher than during the same period last year, and the residential average price rose 9.5 per cent, year-over-year, to $323,936 in April, the real estate association said. However, it added that an influx of new listings would result in a more "balanced" housing market.
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