Cielo condos urbantoronto. Canadian house prices may be difficult to cool down! Canadian house prices have always been one of the most concerned issues for Canadians. Soaring house prices have deterred many people, and the government has kept making promises to cool the housing market. Recently, there has been a piece of news that has grieved countless Canadians who cannot afford to buy a house.Please Visit: Cielo condos urbantoronto to Get Your VVIP Registration Today!
According to a document released by the Federal Commissioner for conflict of interest (federal conflict of interest commissioner), about 1/3 of ministers in Trudeau’s Liberal cabinet own real estate for rental and investment purposes.
The picture comes from the Internet.
While this is perfectly legal, real estate experts say the assets reflect the extent to which Canadians increasingly see real estate as a financial asset rather than a place of residence.
At the same time, the latest data from Canadian financial institutions show that investors are playing a growing role in driving price growth-a trend that Christian Freeland, deputy prime minister and finance minister, this week called “intergenerational injustice”.
Not long ago, Fang Huilan, Deputy Prime Minister of the Canadian Federation, attacked the phenomenon of “intergenerational injustice” when promoting the new budget. “as a 53-year-old, one of my biggest concerns is intergenerational injustice, which shocked me,” she said. Our generation has better opportunities to buy a house and start a family than today’s young people, and we cannot allow the new generation in Canada to be excluded from the dream of owning a house. ”
So what is “intergenerational injustice”? to put it simply, the younger generation no longer has the same opportunity to buy a house as their parents did when they were the same age.
The reason is that investors’ entry into the market has pushed up house prices and robbed the housing supply, putting the relatively cash-strapped younger generation at a disadvantage.
To make matters worse, during the COVID-19 pandemic, investors bought more homes than first-time or even repeat buyers, according to an analysis by the Bank of Canada earlier this year.
Investors accounted for 1/5 of home purchases in Canada, while the proportion of first-time buyers hit a new low last year, the analysis found.
Something shocking has happened! The document shows that in Trudeau’s Liberal Party cabinet, 12 of the 39 ministers, or nearly 1/3, declare that they own real estate for rental and investment purposes, including houses being rented, vacant land, properties used for tourism, and properties that they plan to move in in the future, but those who hold houses that are not for rental or investment purposes are not included in the declaration.