Housing Still Going Strong

Ontario's hot housing market is showing few signs of letting up, causing housing affordability measures and property values to reach record highs in many parts of the province during the first quarter of 2010, according to the latest housing report released today by RBC Economics Research.

"Despite an increased supply of homes on the market, prices continue to rise which has undermined affordability," said Robert Hogue, senior economist, RBC. "While still well below peak levels, most of the housing affordability measures now stand above their long-term average, suggesting that more and more buyers are being priced out of the Ontario market."

Some feel that the implementation of the HST on July 1 is causing the frenzy. The HST will add to the cost of buying & selling homes.

Interest Rates to Rise June 1?

Will the Bank of Canada raise the prime rate on June 1? A month or so ago it seemed almost certain they would. But with economic challenges around the world not getting any better, no one can say for sure what will happen June 1. Personally I feel that we are in such a strange time, economically speaking, that nothing is certain anymore. However, I do feel that long term, interest rates won't rise to high levels. With the Baby Boomers starting to retire, this will bring along its own set of economic challenges that have yet to be seen!

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