TORONTO, ONTARIO — (Marketwire) — 01/06/13 — Canada-s housing market has undergone a major shift since the beginning of last year. Sales are down in some of Canada-s major markets – Toronto and Vancouver are off double digits compared to a year ago, while even Calgary has simmered down after a year that saw a double-digit rise in sales.
Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of $1 million dollars for government insured mortgages, have prompted some potential buyers to move to the sidelines.
Meanwhile, real estate prices – with the exception of some areas in Vancouver – are holding steady, supported by low interest rates. Since 2000, the price of houses across Canada has more than doubled on average.
Experts from BMO, RE/MAX and the Canadian Home Builders- Association will participate in a conference call to discuss the real estate environment in Canada, and what prospective buyers and sellers need to keep in mind. Panellists will discuss the following topics:
Media Dial-in: 416-641-2144 / 1-866-696-5910
Participant Passcode: 8636439
Passcode: To confirm your attendance of if you have any questions, please contact BMO Media Relations at (416) 867-3996.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
BMO Media Relations
(416) 867-3996