Canadian homes are still cheap, at least in foreign currency: Bank of America

A major U.S. financial institution is telling clients that the Canadian housing market is still cheap — especially if you’re not using loonies to buy.

Bank of America Merrill Lynch Global Research on Wednesday launched coverage of Canada’s mortgage finance system, policy infrastructure and securitization channels and one of its findings, which may shock some Canadians in Toronto and Vancouver, is that the market is not all that pricey.

“Homes are cheaper on both a U.S. dollar adjusted and Chinese renminbi basis than in 2010-2014. Despite the high rates of home price appreciation, the continued appeal of Canadian real estate is reflected when adjusting home prices for the substantially weaker Canadian dollar,” the firm writes in its report.

Full article is here 

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Until next time,
Your mortgage expert Evgeny Kamenskiy