Posted by: islamicfinancingnews | September 13, 2012

Islamic finance and increased demand for urban condominiums

Just as Sharia complaint Islamic finance is gaining popularity in North America, resale prices for condominiums are expected to rise in seven out of eight Canadian metropolitan cities in 2013 according to a recent report from Genworth Canada, a leading mortgage insurance supplier.

While the low maintenance, smaller living spaces and central locations of most condominiums have always appealed to seniors, the study which reviewed trends in cities such as Montreal, Toronto, Edmonton and Vancouver found that the high cost of single detached homes in these areas and others in Quebec City, Ottawa, Calgary and Victoria are also pushing first time buyers towards more affordable living in a variety of high rise or multiple-dwelling condominium style units.

Despite the fact that the Bank of Canada and the Finance Minister have repeatedly cautioned Canadians to keep real estate borrowing to a minimum given the high level of household debt and interest rate hikes that are expected in the future, the study suggests a combination of low interest rates and improved employment over the next few years will support a rising population, creating more demand and increased asking prices for condominium properties in these markets.

Canadian Muslims interested in learning more about Islamic loans free from Riba can easily access information by following the links back to the parent website of this blog.

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