Design district.The best place to buy a house in Canada has been announced. Prices in the Canadian real estate market have skyrocketed, with the national average benchmark price soaring from $504350 to $795952 from January 2020 to March 2022, according to the Canadian Real Estate Association.Please Visit: Design district to Get Your VVIP Registration Today!
In the context of the unprecedented growth of the real estate market, some cities and communities stand out, showing great value and development potential.
Over the past two years, earth-shaking changes have taken place in our way of life, whether it’s telecommuting, homeschooling or repeated travel restrictions, which have also affected the priority of people’s demand for housing.
For example, in a 2021 housing survey, 32% of Ontario buyers said that the actual distance between the house they bought and the city center was much greater than they originally thought, and more than 2/3 of those surveyed cited COVID-19 as the main reason for the rapid rise in property prices in the suburbs and small towns.
The market situation in the past two years has promoted a new trend in the psychology of buying a house. With the disappearance of the epidemic, the market is entering a transitional period and will eventually tend to balance. At the same time, some buyers are gradually returning to work in the city center due to the resumption of office work, while some buyers are still looking for affordable properties nearby.
Through the post-epidemic market analysis of house prices across Canada, it is assumed that over a two-year period, the cities with the highest house price growth rates are neither Vancouver nor Toronto, but their surrounding areas. Examples include the Fraser Valley, Hamilton Burlington and Kitchener Waterloo. House prices in these areas will be much higher than the national average.
In order to buy the ideal house, many buyers have to move to more remote areas, a move that also affects the real estate market in some large cities. In the once unknown town, due to the competition of non-local buyers, there has been an unprecedented price war in the real estate market, so that the final transaction price of the house is much higher than the list price. In December 2021, Canada’s housing inventory hit a 1.6-month low, and houses were sold almost instantly once they were on the market.
Extreme market conditions have sounded the alarm, prompting the government and the central bank to take action to cool the real estate market and reduce the possibility of a “real estate bubble”.
Some provinces have turned to foreign buyers. Ottawa, for example, has imposed a two-year ban on foreign speculators.
At the same time, the 2022 federal budget proposes a new tax credit and a new tax-free savings plan for first-home buyers, hoping to help more people enter the highly competitive Canadian real estate market.