Vaughan Festival Condo.Will house prices rise in Canada? The Canadian housing market has been in the doldrums in recent years, which may be due to various reasons.Please Visit: Vaughan Festival Condo to Get Your VVIP Registration Today!
For example, the government’s policy on overseas buyers, or stress tests, but a new housing market report predicts that the Canadian housing market will rise by an average of 3.2% next year (2020). Among them, Montreal, Ottawa and Toronto rose, and Vancouver did not perform badly.
According to an analysis of a report released by Royal LePage Market Research on Thursday, December 12, house prices in Canada will rise steadily due to a low supply of apartments and detached houses. Among them, there is a shortage of buildings in the Greater Toronto area, which makes prices continue to rise, while the Greater temperature area remains stable. The price increase in the apartment market has slowed in recent years, reflecting the fact that millennials have turned to buying houses in the suburbs, thus boosting sales.
Phil Soper, president and CEO of Royal LePage, further said, “the older millennials are now in their 30s and parents, and because they need more space, they are now looking at the suburban life that their parents have always wanted. Because we predict that the period of excessive price increases in the apartment market will come to an end with the renewed interest in detached houses. ” However, the realistic factor is that, with the exception of the rich second generation born with a golden spoon, the vast majority of millennials are less than 10 years old in their careers, and affordability is bound to limit the choice of types of buildings. although apartments have risen less sharply, there is still demand for apartments in some areas. Overall, the average house price in Canada is expected to rise 3.2 per cent to 669800 dollars (Canadian dollars, the same below) by 2020, and the median prices of apartments and two-story detached houses will rise 3.6 per cent to 506100 yuan and 3.1 per cent to 785400 yuan, respectively. In a way, this is a “rebound” in the housing market, as some potential buyers who decided to suspend home ownership in January 2018 began to return to the market in the second half of this year (2019) as a result of the introduction of mortgage stress tests at home. To boost competition and demand. Another important factor contributing to the rise in demand in the housing market is that Canada maintains a stable immigration ratio. According to a survey of new immigrants released by Royal LePage in October, it is estimated that 1/5 of homes will be bought by new immigrants in the next five years. Their consumer confidence in domestic real estate reached 86%, and 75% of them saved to buy houses after immigrants checked in.
If you look at the details, in terms of two-story detached houses, price increases in other parts of the country are restrained. Prices in Vancouver are expected to rise by 1.25% to 1460700 yuan, prices in Calgary by 1.75% to 523100 yuan and Edmonton by 0.75% to 438700 yuan.
In terms of growth, however, Montreal’s two-story detached houses are the leader, which could rise 6 per cent to C $581300 in the fourth year next year, up more than 4 per cent for the fourth year in a row, thanks to positive economic indicators and a seller’s market. In Ottawa, which ranks second, detached houses are likely to rise 5% to 547600 yuan, thanks to the stability of the government and the growth of the high-tech industry.
