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Forma Condo Address.How high is the house price in Vancouver ten years from now?

Forma Condo Address.How high is the house price in Vancouver ten years from now?

Posted on November 12, 2022

Forma Condo Address.How high is the house price in Vancouver ten years from now? With Canadian house prices soaring, prices in major cities such as Vancouver and Toronto have gone crazy.Please Visit: Forma Condo Address to Get Your VVIP Registration Today!

Recently, HuffPost Canada released a set of data on Canadian house prices 10 years later. According to the current trend, Canadian house prices will soar in 10 years’ time. The data is an estimate of house prices in major Canadian cities 10 years later, based on the average trend of house prices over the past three years. Take a deep breath and take a look at these numbers.

According to the data, according to the current growth trend, the prices of most independent houses in Vancouver will be between 2.8 million and 5.1 million by 2026. Not only do buyers think the price is high, but those who already own an apartment will have to pay more if they want to change to a separate house. Now, if you switch from an apartment to a detached house, you will have to pay an average of 880000 extra in Vancouver, and by 2026, you won’t be able to change to a detached house without 2 million. Ten years later, switching from an apartment to a detached house will cost an average of between 1.99 million and 4.05 million extra.

By 2026, the prices of most independent houses in the Toronto area will be between 2.26 million and 3.58 million. At present, in Toronto, the average cost of switching from an apartment to a detached house is about 760000, and in 10 years’ time, that figure will be 1.68 million to 2.95 million.

If the applicant is not eligible for the loan, the guarantor is required to guarantee it; at the same time, to apply for a loan in British Columbia, the applicant must be at least 19 years of age.

In order to expose the rise in house prices, the Canadian government has repeatedly asked banks to tighten mortgage loans in recent years to prevent citizens from borrowing too much in order to buy a house. But the country’s big banks treat foreigners, including foreign students, when they apply for mortgage loans to buy a house. However, they apply a completely different set of standards: there is no need to provide proof of income at all, and there is no need to prove the source of income!

According to internal documents from Scotiabank and Bank of Montreal, BMO, the bank instructed its loan staff not to identify the source of income for foreign customers as long as the down payment reached 50 per cent.

However, several banks have been penalized by Canadian federal regulators for lack of proof of income from foreign customers. Because if they cannot confirm that these customers have the ability to repay their loans for a long time, and that the customers have obtained the purchase money through legal means, the risks to the banks can be imagined.

This example is a good illustration of how speculators keep putting money into Canadian real estate, making property rights more and more complex and assets ambiguous, and they treat houses as commodities rather than homes.

On the other hand, David Eby requires that the provincial government should tighten the supervision of real estate transactions, especially buyers should prove the source of funds for home purchases. He proposed a more extensive investigation and study on whether to allow the Bank of Canada to allow foreign customers to buy properties with only a down payment and unverified income in the Greater Wen region.

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