M2m condos buzzbuzz . House prices in Canada have skyrocketed. Now everyone knows that house prices are rising too crazily, and many people think it is due to low interest rates, making borrowing costs too low.Please Visit: M2m condos buzzbuzz to Get Your VVIP Registration Today!
But a North American economist puts forward another point of view. He believes that the idea that “Canadians firmly believe that house prices will only rise” has led people to keep chasing upward in the market.
‘The Canadian real estate market is out of touch with reality, and low interest rates and even the global epidemic are only part of the reason, ‘the economist said.’ he expects liquidation to come soon, ‘the economist said.
It is reported that house prices in Canada have been rising steadily, which is not surprising to anyone, especially home buyers. Over the past 20 years, average house prices across the country have risen by 375%, while prices in Toronto and Vancouver, the two hottest markets, have risen by 450% to 490% respectively.
Today, the average price of a house is $686650, according to the Canadian Real Estate Association (CREA). In Ontario, the average price jumped to $887290, while in British Columbia, the figure was $913471.
Even in smaller markets, such as Tillsonburg or Bancroft in Ontario, house prices have risen sharply. The epidemic has forced workers and families in remote areas to leave cities and accelerate home purchases in less populated communities.
According to the report, house prices in Canada are rising much faster than any other developed country in the world, so a new economic term has emerged to describe the market: “housing inflation” (shelter inflation).
The head of North American strategy and economics at Macquarie Group, a global financial services firm, expressed concern, noting that Canadian house prices were out of line with other important factors, such as income and people’s ability to pay for high-priced housing in the coming years.