Many people suppose this is because there weren’t sufficient houses around, however that is only part of the picture. A main cause of the rise was that banks have the power to create money every time they make a mortgage.
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During the period in question the amount of cash banks created through mortgage lending more than quadrupled! This lending was a major driver of the huge increase in home costs. Rising rates of interest might drive up the cost of credit score and that should in flip scale back the amount obtainable to spend on houses, which in turn would push prices down.
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This figure should be treated as a information solely, and gained’t be utilized in any Nationwide mortgage software. From April 2019 to April 2020 home costs have elevated by greater than 10 percent in Toronto and Ottawa.
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