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Looking at those millions of offer, living bacteria really feel unworthy to appear in the circle of friends of these people. After all, not the target customer. It is reported that the average house price in Canada has risen by 14% over the past year.
However, the high housing prices in Toronto are really abnormal, and at the same time, it has also aroused the attention of the international community to the special housing prices in Toronto. Average house prices have risen 14% over the past year, the Canadian Real Estate Association said on Friday, adding to concerns that Canada’s most expensive real estate market is dangerously overvalued.
Organizations representing real estate agents across the country say the average price of Canadian homes sold on their MLS system is 690000 yuan, nearly 14% higher than in the same month a year ago.
Canada’s inflation rate reached 4% in August, the fastest increase in the cost of living in nearly 20 years. Friday’s new house price data means that house prices are rising more than three times as fast as they are on record.
CREA said average prices could be misleading because sales in the most expensive markets such as Toronto and Vancouver seriously affected average prices.
The new price figures come as a leading Swiss bank has warned that Toronto and Vancouver are home to two of the world’s worst property bubbles. In its annual ranking, UBS surveyed the housing markets of 24 major cities in Europe, North America and Asia to assess them against local income levels and other factors.
Then put all cities into one of the following five categories:
Depressed housing market (- 1.5 or less).
Underestimated (- 0.5 to-1.5).
Quite valuable (- 0.5 to + 0.5).
Overestimate (+ 0.5 to + 1.5).
Bubbles (1.5 and above).
Six cities are thought to have a real estate bubble. Two of these areas are in Canada. Toronto scored 2.02, while Vancouver scored 1.66, second only to Hong Kong (1.90), Munich (1.84) and Zurich (1.83).
House prices in Toronto have doubled in the past decade, the bank said. The government intervened through measures such as foreign buyer tax and rent controls, which led to a slight decline in the market in 2018 and 2019, but the situation will accelerate after that. “from mid-2020 to mid-2021, real prices rose by nearly 8 per cent,” the bank said. “