The demand for homes is on the rise. With mortgage affordability very favourable, jobs being created at a decent pace and banks loosening credit criteria, it is no surprise that mortgage applications for home purchase are up by almost 30% on a year earlier. However, that rise in demand is not being matched by an increase in supply, with the months’ supply of homes for sale at 10-year lows. As a result of that mismatch, house price growth is accelerating.
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