Harbourwalk Condos.Canadian house prices are up 22% a year. Canada is facing a housing crisis, and the government is considering some unconventional solutions, including measures such as a ban on investment purchases and a ban on blind bidding.Please Visit: Harbourwalk Condos to Get Your VVIP Registration Today!
Canadian house prices have soared 22% in the past year, and the median has hit an all-time high, according to the Canadian real estate association. Material shortages and soaring construction costs have also plunged the country into severe supply shortages. Bank of Nova Scotia estimates that the country has less housing per 1000 residents than any other G7 country.
The Canadian government is taking a multi-pronged approach to try to solve the problem. On the supply side, the Trudeau government last week launched a plan to build 1.4 million homes over the next four years.
In addition, the Canadian government is considering banning blind bidding, meaning that bidders can see the asking price of the house, but not from other potential buyers. This has been criticized as a way for sellers to raise prices. Canadian Prime Minister Trudeau said in a speech on August 24 that banning such tenders would help “crack down on predatory speculators” and establish a fairer market.
The Canadian government also plans to ban the purchase of Canadian property for investment purposes. The property market in Canada’s major cities is pouring in a growing number of foreign buyers who are hoping to profit from soaring house prices.
Under the Canadian government’s plan, foreigners will be banned from buying houses in Canada for a period of two years, and taxes will be extended on vacant houses owned by foreigners.
With the same intensity of work, wages in Toronto are more than 20% higher than in Vancouver. For example, a new bank teller in Vancouver usually gets about C $34000 a year, while Toronto gets C $40, 000. Branch presidents in Vancouver earn only C $8 billion to C $100000 a year, while those in Toronto get C $150000 for the same position.
Therefore, Toronto is the first stop for new immigrants from Canada.
According to the United Nations, among the major cities in the world, Toronto has the second highest non-native birth rate in the world, and nearly half of Toronto’s residents are not white, second only to Miami.
In other words, Canada is the epitome of the global village, while Toronto is the epitome of Canadian multiculturalism. As the economic center of Canada, business in Toronto is very active, especially in cross-border economy and trade.
On the one hand, Toronto’s income is significantly better than that of Vancouver. On the other hand, prices in Toronto are 10% lower than in Vancouver. Just a decade ago, detached houses in Toronto were generally half the price of Vancouver.
Toronto is a big society with 1 million Chinese. In addition to a dozen large Chinese supermarket chains, there are thousands of dazzling Chinese restaurants alone.
Without the pursuit of a high quality of life, Toronto can meet the needs of 95% of its residents and provide a decent life. However, even in places with plenty of jobs like Toronto, many employers chose to freeze hiring during the epidemic and even had to lay off staff in order to survive.
Montreal is the largest city in Quebec, the French-speaking province of Canada. Before independence, Montreal had long competed with Toronto for Canada’s economic center because it was the nearest North American metropolis to Europe and had the shipping convenience of the St. Lawrence River.
However, the independence referendums in 1980 and 1995 scared the capitalists, and more than 100 multinational corporations moved their headquarters from Montreal to Toronto. Since then, Montreal’s economy has never recovered and has been living on federal subsidies for a long time.
Because French is the only official language in Quebec, very few Chinese have emigrated to Montreal, and the total Chinese population is an order of magnitude smaller than that of Vancouver and Toronto, about 80,000.
The depression in Quebec began in the 1980s, and the economy still shows no sign of picking up. Quebec is easy to emigrate, but not easy to find a job. Even if you find a job, the income is more than 30% lower than that of Toronto. At present, the average annual salary for accountants, teachers, office clerks and other professions is C $35, 000 to C $40, 000.
Fortunately, the house price in Montreal is extremely cheap, about half that of Toronto, and the rent is similar to that of the big cities in the country.
In Canada, one of the largest types of work is the sales industry, where more than 10% of the workforce is engaged in sales-related jobs.
The average pre-tax hourly wage for Chinese men is 33 Canadian dollars per hour, while the average hourly wage for Chinese women is 29 Canadian dollars per hour, ranking second among all ethnic groups.
In fact, Chinese in western countries are divided into two categories, one is to enter the mainstream society, and the other is to rely on the Chinese community to survive.
The former’s career choices are almost distributed in large multinational corporations, governments, public schools and hospitals.
The latter are mainly real estate agents, second-hand car dealers, Chinese supermarkets, Chinese restaurants, overseas study agents and immigration agents for Chinese customers.