The Design District Hamilton.New housing prices continue to rise across Canada. New home prices rose in 13 of the 27 metropolitan areas across the country that were surveyed.Please Visit: The Design District Hamilton to Get Your VVIP Registration Today!
Among them, the price of new homes in London, Ontario ranked first with an increase of 3.9%. There have been signs of supply shortages in the local housing market since 2017. The epidemic of COVID-19 has aggravated the situation. New home prices in Ottawa, the capital, rose 2.9% month-on-month. Montreal, Toronto and Vancouver rose 1.3%, 0.8% and 0.5%, respectively.
But new home prices in Edmonton and Saskatoon fell slightly from the previous month. House prices are flat in the other 12 regions.
Although the month-on-month increase in house prices has slowed in recent months, new home prices nationwide rose 12.2% in August compared with the same period a year earlier. Ontario takes the lead in many places. Of these, Ottawa was the highest, with a year-on-year increase of 27.5%. The Kitchener-Cambridge-Waterloo area rose 26.9 per cent, while Windsor rose 22.7 per cent.
The eastern province of New Brunswick recorded a net population growth of 2368 in the first quarter of this year, nearly 51 per cent of which came from other parts of the country. This is the largest inter-provincial migration growth in the province since 1983. The Bureau of Statistics said this could put more upward pressure on house prices in the province.
As Canada’s fourth largest city, the house in Calgary is still very affordable, and the average family needs 3 years or 34 months to save enough for a down payment on a house. The apartment only needs a deposit of one and a half years.
If you want to make a down payment on a family home in Edmonton, you may have to consider a 2.5-year or 30-month savings plan. The average house price in this city is 428600 yuan.
The house in Winnipeg sells for about 370000, and buyers need about 2. 3 years to make a down payment. It takes 18 months to buy an apartment.
As the capital of Quebec Province, the price of a house in Quebec City is 330742 yuan, and it takes the average Canadian family a little more than two years (28 months) to save the down payment.
The above is the data of deposit down payment in major urban areas of Canada.
In addition, researchers at the National Bank of Canada found that the average Canadian family needs to spend 45% of its income on mortgage payments, which is slightly higher than the average in 1980 (43% of income).
The National Bank of Canada points out that income growth and low interest rates have helped to increase affordability for most of the past two years.