M city 5 condos for sale.House prices in Toronto, Canada soared by 33%. Home sales in the greater Toronto area hit an all-time high in April, according to the Toronto Regional Real Estate Bureau.Please Visit: m city 5 condos for sale to Get Your VVIP Registration Today!
But with buyers and sellers experiencing a surge in infection rates and the resumption of blockades, the market began to slow from the fierce pace earlier this year.
According to the latest figures released by the Toronto area Real Estate Bureau (TRREB) on Wednesday, the Greater Toronto area (Greater Toronto Area) sold 10, 3663 homes in April, an increase of 362% from the 2957 sold in April last year. Last April was the first full month of novel coronavirus’s attack. But housing sales are down 12.7% from March this year, and the housing market is less hot. The real estate bureau also said that the number of newly listed houses listed in April increased by 237% compared with the same period last year, but decreased by 8.4% compared with March this year.
Meanwhile, the average selling price of a house is C $1,09992 (about 5.797 million yuan), up 33% from 820000 in April last year, but down from C $1,0997,565 in March this year. The fall in house prices between March and April this year contrasts sharply with the usual rise in average house prices at this time in previous years. House prices usually rise in March and April, marking the beginning of a buoyant spring market.
All these have led to the rapid deterioration of people’s living capacity. This year, Demographia ranked Vancouver as the second most unaffordable city in the world, after Hong Kong. As early as 2006, the city ranked 15th. Toronto rose from 37th to fifth.
As a result of the epidemic, housing problems in these two cities are being exported to small towns across Canada, as city dwellers are now free to work remotely and move farther in search of larger houses, driving up prices beyond the affordability of locals.
These issues have begun to cause an outcry. Canadian policy makers from Prime Minister Trudeau to Toronto Mayor John Tory say they are considering new taxes to make housing more affordable. Economists at major banks have begun to warn that if the government does not act, the market risks being replaced by a speculative frenzy.
But Canada’s long property boom was preceded by policy changes, from changing down payment rules to taxing foreigners’ purchases and ownership of property. In the end, these measures turned out to be a speed bump in the long-term rise in Canadian house prices.
With housing inventories across Canada at an all-time low, the Trudeau government has raised its immigration target to make up for last year’s stagnation, and there is good reason to believe that the trend will continue.