Cielo condos buzzbuzz. House prices in Canada set a record. During the COVID-19 pandemic, there was a flood of money, and global house prices rose to varying degrees, of which Canada was no exception.Please Visit: Cielo condos buzzbuzz to Get Your VVIP Registration Today!
Prices of new homes continued to hit record highs in July, with single-family homes taking the lead.
Benchmark prices in this category, including freestanding, semi-detached and townhouses, surged 28.4 per cent year-on-year to an average of $1.52 million last month. The benchmark apartment price also rose by an average of 10% to $1.1 million, according to the construction industry and land development association (BILD), which represents homebuilders.
In addition, according to the survey, the average price of an apartment in the Toronto area reached a record $1141 per square foot (79000 yuan per square meter) in July. So far this year, sales of single-family homes and apartments are still above the 10-year average. Compared with a 10-year average of five to eight months of inventory, the inventory of single-family homes is only about one month, and that of apartments is about 4.1 months, compared with a 10-year average of 8.7 months.
While prices are rising wildly, Canada is facing a housing crisis, especially in Vancouver, where house prices and housing supply have always been a problem.
This is partly due to serious delays by property developers, who are reported to have built only 54 of the 234 social housing units contracted by developers in 2008.
On the other hand, there is the issue of distribution. according to the South China Morning Post, a secret study conducted by the Canadian Inland Revenue Service in 1996. Wealthy immigrants buy 90% of luxury homes in the greater Vancouver area and declare their incomes extremely low, according to the study.