Langstaff Gateway Condos price list. Canadian real estate investment boom ushered in! During the novel coronavirus pandemic, the development trend of the Canadian luxury housing market kept pace with that of the US market in many ways, such as a sharp rise in the purchase of single-family homes and a sharp increase in demand for vacation properties. and a decline in buyers’ interest in high-rise apartments in the city center.Please Visit: Langstaff Gateway Condos price list to Get Your VVIP Registration Today!
And the transaction volume of foreign buyers has fallen sharply, as the sudden epidemic has made it impossible for them to travel across borders and visit houses on site. Foreign investors almost disappeared because no one wanted to fly all the way into the country, be quarantined, and then start choosing houses.
Home prices in Vancouver and Toronto have fallen over the past two years as the government levied property taxes on foreign buyers. After the COVID-19 outbreak this spring, the buying activity of local buyers increased significantly, as they suddenly found themselves with more choice and competitive advantage in the market.
At present, most foreign students have returned home, and the number of immigrants is at an all-time low so far this year, but the real estate market remains as active as ever and prices continue to rise, driven entirely by local buyers.
In major cities across the country, such as Vancouver and Toronto, scarce housing stocks and historically low interest rates have prompted buyers, mainly local buyers, to sell. While the impact of the slowdown in foreign investor activity varies from place to place, there is a general consensus that foreign buyers will flock in once cross-border travel can be safely reopened.
When the epidemic is over, we will see a rapid rebound in foreign investor activity. There is an urgent desire for an early resumption of market activity and a return to investment where they consider it valuable.
All this means that the period before the resumption of cross-border travel is a good time for Canadian buyers to take action, as the market is expected to enter the upward path next year and competition is likely to intensify.
As a large number of buyers are eager to move out of the city to find residential properties suitable for home isolation, people are avoiding the epidemic and looking for a “safe harbor”, small towns around the Greater Toronto area have ushered in unprecedented demand.
Previously, the parents of some foreign students would buy local apartments for their children in Toronto, but now this customer group has disappeared. Because of this, buyers can take advantage of low apartment prices to start with. By the time the students return to campus, this part of overseas investment will return, and we will see the bidding war between apartment buyers rekindled.
At present, apartment prices may have fallen by about 10%, while single-family homes have performed quite the opposite, with prices soaring. Hundreds of thousands of international students, many of whom have returned home one after another. As a result, many investors find it difficult to find tenants for their apartments, and their cash flow is affected and eventually have to consider selling.
The apartment market is not in the doldrums, and investors may now have to face apartments vacant for several months, but when schools begin in September, the market will begin to pick up, when these units are likely to be snapped up again.