TORONTO, ONTARIO--(Marketwire - Jan. 7, 2013) - 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:
-- What is in store for the Canadian housing market over the coming year?
-- What is different from last year for Canadian homeowners looking to buy
or sell their home?
-- What key trends are emerging in Canadian real estate, including in
Toronto's high-end property market?
-- The financial ins-and-outs of purchasing a home, including the
importance of home inspections and pre-approvals.
What: BMO, RE/MAX, the Canadian Home Builders' Association discuss the
Canadian Housing Market
Who: Sal Guatieri, Senior Economist, BMO Capital Markets
Conrad Zurini, Broker of Record, RE/MAX Escarpment Reality Inc.
John Turner, National Director, Specialized Lending, BMO Bank of
Charron Ungar, President Canadian Home Builders' Association -
When: Tuesday, January 8, 2013; 11:00 a.m. - 11:30 a.m. ET
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
BMO Media Relations
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