Cielo condos at 300 bloor st w . In recent years, overseas hot money has poured into the Canadian property market, pushing up house prices, which soared to the second largest in the world in terms of price-to-income ratio.Please Visit: Cielo condos at 300 bloor st w to Get Your VVIP Registration Today!
In terms of rent-to-sales ratio, Canada has become one of the largest housing bubble markets in the world.
Among the most popular overseas home buyers in China, Canada ranks third. According to statistics, 50% of new houses in Toronto, Canada’s largest city, are bought by foreigners. In Vancouver and Toronto, 50% of apartment buildings are owned by foreign investors, and 15% of houses in Vancouver are vacant for a long time!
My colleague Mike is a handsome guy, born and raised in Canada, and a systems management engineer in my department, earning C $70,000 to C $80,000 a year, more than double the average income of his Canadian peers. Mike got married six years ago, then had a boy and a girl, and bought a big house three years ago. He lived a happy life and belonged to the typical North American middle class.
Recently, however, he seems to be a different person, often sighing like a diseased chicken. In theory, you can’t pry into other people’s privacy in Europe and the United States.
As soon as I was stupefied, I thought no, and I was busy asking what was going on.
It turns out that house prices in Toronto have soared over the years, far exceeding the increase in local income. When Mike bought the house, the house price was already very high. In North America, house prices have remained between one and twice the average annual household income for many years, but when he bought a house, the price in Toronto was more than four times the couple’s annual income. According to North American living habits, children have to live in separate rooms when they grow up and enjoy their own independent space. Mike can only buy a big house. As a result, the balance between income and expenditure is tight, and as house prices rise, so does the property tax collected by the government. The worst part was that Mike’s wife was laid off a year ago and did not find a new job until six months later, but the salary was much lower than before, and the family income was reduced by a large chunk.