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Canadian real estate growth has hit an all-time high this year, with average house prices rising 18 per cent year-on-year in October. By the end of this year, the national average house price in Canada will rise by more than 20% year on year.
Canadian Prime Minister Trudeau has repeatedly promised to curb the rise in house prices by increasing the supply of unsold houses, subsidies, taxes and other means. But Chrystia Freeland, Canada’s deputy prime minister and finance minister, admitted that while the government was boosting housing supply, including comfortable housing, efforts to curb the rise in house prices could take “years”.
Husen said in an interview with Reuters that the Canadian government should curb speculative demand in the real estate market, adjust existing land policies to increase population density on land, and temporarily ban foreign buyers from entering the Canadian real estate market. Husen said Canadian houses should be used by the public to live, rather than passively used for foreign buyers to invest. He supported Canada to follow New Zealand’s example by allowing up to three homes to be built on the sites of most single-family homes.
“I agree that building more units on single-family land is one of the easy ways to increase the supply of housing.” “anything that increases housing supply, strengthens land use, builds more houses, and builds more houses on the same area of land is a good thing,” Husen said. ”
In particular, he mentioned that he agreed with the ban on foreign buyers, but he did not provide further details on the content and timing of the policy. Husen said he would listen to the advice of Finance Minister Fang Huilan.
In an effort to curb the rise in house prices, the Canadian government announced a policy last week to impose a 1 per cent tax on “idle or underutilized property” owned by non-non-resident and non-Canadians, which will take effect on January 1. The Ministry of Finance expects the move to generate revenue of 200 million Canadian dollars (1 billion yuan) for the government in the 2022-2023 fiscal year. Husen revealed that the Canadian government is pushing for more other taxes, such as the “property speculation tax” (anti-flipping tax).
In 2019, 4.3 per cent of homes in Vancouver were owned by non-Canadian residents; in some newer apartments, the proportion jumped to 13.6 per cent, according to official Canadian figures. In another city, Toronto, 7.7% of new apartments are owned by non-Canadian residents.
In the past two years, prices in the Canadian real estate market have soared. In addition to rising inflationary pressures, the limited housing supply could not meet the strong housing demand during the epidemic. Under the combined effect of blind bidding, overseas investment and many other factors, the cost of domestic home buyers in Canada soared and fell into extreme anxiety.