Langstaff Gateway Condos by Kylemore.Canadian house prices are soaring without a bottom line. At that time, they were full of yearning for the future, wanted to live a better life, and wanted to have a warm cabin of their own in Vancouver.Please Visit: Langstaff Gateway Condos by Kylemore to Get Your VVIP Registration Today!
The two men worked while saving money to find a house at the right price, only to find that they could no longer afford to buy a house in Vancouver.
Although they have saved a lot of savings through hard work and frugality for two years, it is still whimsical for them to buy a house with this money.
“We have been through a bidding war for houses and are well aware that the final sale price of a house will be much higher than the asking price. This is frustrating. ”
Average home prices in Canada have risen 31.6% year-on-year since march, while Andries and Maria, a young couple under the age of 35, have become increasingly out of reach of their dreams of owning their own homes.
In response, comfortable housing advocates pointed out that the government is unwilling to formulate meaningful policies to reduce house prices, so more and more young people are brutally turned away when trying to become “homeowners”.
Economists at BMO Bank said in a recent report that it is necessary to break the market mentality that “house prices can only rise indefinitely” and to appease everyone’s fear that “if you miss the village, you will not have the shop”.
It is easy to say, everyone can see the trend of house prices, without major policy interference, how to change the deep-rooted ideas in people’s hearts?
Several economists in Toronto’s Financial Street have also called on the government to do more to control house prices that are “out of control”.
Tiff Macklem, governor of the Bank of Canada, said there were “worrying” signs in the property market.
So far, the policy response to cooling has been ignored.
Of course, the country is not completely blind to the voices of the masses. In the federal budget announced on April 19th, the Trudeau government said it would raise the national vacancy tax on housing to build social housing.
The Canadian Monetary Authority OSFI also said it would introduce stricter mortgage stress testing rules in June.
But these measures are obviously big thunder and little rain, and can not really solve the problem of runaway soaring house prices.
Today, millennials in Canada face fierce competition when they buy homes.
“Young people who can get sponsorship from their parents and boomer generations with dwindling buyers are more competitive because they can afford to pay 2 or 300000 more than the asking price of a house.”
Experts point out that one of the main reasons driving the bidding war and driving up prices is a shortage of housing supply.
The situation is likely to worsen when stagnant new immigrants pour into the Canadian housing market after the pandemic.