Langstaff Gateway Condos address.Will house prices in Canada still rise?Deal with soaring house prices. The Canadian government announced today that foreigners will be banned from buying non-self-occupied properties in Canada for the next two years, aimed at cooling the overheated real estate market.Please Visit: Langstaff Gateway Condos address to Get Your VVIP Registration Today!
Canadian Deputy Prime Minister and Finance Minister Cristina Freeland announced this year’s federal budget on the same day, focusing on dealing with tight housing supply, insufficient housing stock and soaring house prices.
In his budget, Freeland mentioned a number of measures to curb real estate speculation and demand, including that foreigners are not allowed to buy houses in Canada for the next two years, and sellers who buy houses in less than a year will face high taxes and fees.
According to the Canadian Television Network, the above two measures do not apply to permanent residents, foreign workers and foreign students, and foreigners’ purchase of long-term self-occupied property is not restricted by the purchase ban.
Canadian house prices rose by more than 20 per cent last year, and rents also soared. The government is under pressure to cool house prices.
According to the new budget, the Canadian government is also prepared to invest billions of Canadian dollars to increase housing supply, and plans to open a “first suite tax-free savings account” to help more Canadians become “homeowners.”
The Canadian dollar rose as high as 80.20 cents against the US dollar today. The Canadian dollar rose more than 1.3% against the yuan today.
The price of oil, one of Canada’s main exports, rebounded from a sharp fall in the previous session, with US crude rising 0.8 per cent to $103.35 a barrel.
This is good news for Canadians who can’t wait to travel to the United States or other countries. This will mean that it costs less to travel. But for those who stay cautiously in the country because of the epidemic, there is no impact.
Moody’s, one of the big three credit rating agencies, predicts that mortgage rates in Canada will reach their highest level in a decade. Moody’s risk model shows that even if the Canadian economy can maintain the current good momentum, house prices will stagnate, prices are unlikely to rise further, if the economy goes down, in the worst case, Canadian house prices will fall by 30% from their peak.
According to BetterDewelling, Moody’s believes that if the economy remains prosperous, Canadian real estate prices will not change much. If the market looks like the last tightening cycle, prices are expected to fall by 3%. My forecast for the current housing market is that the cycle of peak price decline between 2016 and 2019 will happen again, said Brendan Lacerda, a senior economist at Moody’s.
Moody’s believes that immigration, a strong job market and tight housing supply are the main factors supporting the Canadian housing market. As long as families continue to have income, they can adjust their spending on their own.