Daniels MPV 2.New home prices in Canada rose. Canadian new home prices rose 0.1% in January, in line with the increase in December and 3.1% compared with the same period last year. The new house price index does not include the price of apartments, which account for about 1/3 of new homes.Please Visit: Daniels MPV 2 to Get Your VVIP Registration Today!
In the case of rising land prices, house prices in Toronto rose by 0.2%. The rising cost of buying a house in Toronto in recent years has led some economists to worry that a bubble may be forming. House prices are also rising in other cities in Ontario, including Kitchener and Waterloo by 1.0%. Overall, prices rose in 14 of the 27 cities surveyed, fell in 7 and remained unchanged in 6.
However, prices in the once-hot Vancouver real estate market fell 0.1 per cent month-on-month, despite an increase of 3.6 per cent from a year earlier. Housing activity began to cool last year, even before the BC provincial government imposed taxes on foreign buyers in the city.
Stricter mortgage rules imposed by the government last year are expected to control Canada’s housing market, which has been strong since the financial crisis at low interest rates. But the increase in housing starts in February suggests that Canada’s long-term property boom will continue to slow more than expected.
Toronto ranked second with a score of 2.02, second only to Frankfurt, Germany, with 2.16. Vancouver scored 1.66, second only to Hong Kong (1.90), Munich (1.84) and Zurich (1.83).
House prices in Toronto have doubled in the past decade, UBS said. Government intervention through measures such as foreign buyers’ taxes and rent controls led to a slight easing in the housing market in 2018 and 2019, but will soon accelerate.
“from mid-2020 to mid-2021, real prices rose by nearly 8 per cent.”
UBS also revealed that record ultra-low mortgage rates are driving up prices and are not expected to last long once Canadian banks have to raise interest rates. This “could suddenly end the current real estate boom.”
The severe housing bubble in Toronto has also had a serious impact on potential local buyers.
Isabel Serrano, who lives in Toronto, says she and her husband have been renting for 15 years and are finally ready to buy a house. However, although they earn more than C $200000 a year, they still cannot find a suitable house within their expected price range because the offer is always outrageous.