Yonge City Square buzzbuzz.The three regions with the biggest increases in house prices in the world. Canadian provinces have tightened their own controls on house prices, whether BC’s overseas buyer tax or Manitoba’s purchase restrictions, to curb the frenzied growth of local house prices as much as possible.Please Visit: Yonge City Square buzzbuzz to Get Your VVIP Registration Today!
Some provinces in Canada have restrictions on foreigners buying houses, such as BC province, which pays 15 per cent extra tax if you are an overseas buyer. Non-residents of Prince Edward Island are required to apply to the relevant government departments for the purchase of land covering more than 5 acres or more than 165 feet of coastline; in Manitoba, non-residents cannot buy local farms if they do not move in within two years; non-residents in Sha Province are not allowed to buy more than 10 acres of land; Alberta can buy up to two plots of land with a total area of no more than 20 acres. All these policies are designed to protect the local market and not to let skyrocketing housing prices affect the normal lives of local residents.
A global real estate analysis conducted by CoreLogic shows that it is a big blow to all Canadians. According to the report, house prices in Vancouver have been rising at the third highest rate in developed countries, with an increase of 14%, while Toronto, also located in Canada, ranks second at 19%. At the top of the list is Auckland, New Zealand, where the luxury real estate market grew by 64 per cent between 2014 and 2015, the fastest in the world. Although median house prices in Sydney have risen 18.4 per cent over the past year, the report shows an average annual growth rate of 11.5 per cent in new York and 6.2 per cent in London.
Interestingly, world house prices remain polarised, with prices rising in most of Europe, North America, mainland China and New Zealand, and slowing in parts of Asia and the Middle East. Some hot real estate markets in Asia are cooling rapidly. On the decline list, house prices in Taiwan fell by more than 9.4%, ranking at the bottom of the list. House prices in Singapore have also fallen.
The definition of the luxury real estate market is not the same among the 100 markets surveyed. In Toronto, only properties worth $3 million or more can be called “luxury”. New York, Los Angeles and Hong Kong have 5 million or more. London needs more than 7 million. Overall, London is the most luxurious property market in the world.
