8 elm condo floor plan.House prices in Toronto continue to plummet. The Canadian government has made frequent moves on the property market, and these policies have indeed had a profound impact on the property market.Please Visit: 8 elm condo floor plan to Get Your VVIP Registration Today!
Among them, an agent from Toronto said that the previous 1000-square-foot apartments and semi-detached houses priced less than 1 million had received at least 15 offer in the past, but now they have received only about five, a reduction of more than half.
The real estate agent attributes the reason to the fact that, under the influence of higher interest rates and inflation, many buyers have become more cautious and prefer to sit on the sidelines rather than risk entering the market.
Although home sales in Toronto, Vancouver and Montreal have all slowed since April, average prices are still higher than last year, according to the data.
The average house price in Vancouver fell to C $1.47 million (US $1.13 million) two weeks ago, the lowest level since September 2015, media reported Monday.
As mentioned earlier, David Eby raised questions at the press conference. He said there was no sign that the students had declared their income to support the loans, so how could Canadian banks provide such high loans to students?
“I think the problem of bank lending is the main reason for the surge in house prices in Canada.” He called on the authorities to strengthen the supervision and management of real estate transactions, and special buyers should prove the source of their purchase funds.
In fact, when I heard about Tian Yu Zhou, I had a lot of doubts about the fact that students without a formal job could borrow millions of Canadian dollars to buy a house. At that time, every editor noticed that Imperial Commercial Bank of Canada had the following requirements for applying for housing mortgage loans: income and work proof; income level must be able to pay installments; at least 5% down payment.
In addition, if the applicant is not eligible for the loan, the guarantor is required to guarantee it; at the same time, to apply for a loan in British Columbia, the applicant must be at least 19 years of age.
In order to expose the rise in house prices, the Canadian government has repeatedly asked banks to tighten mortgage loans in recent years to prevent citizens from borrowing too much in order to buy a house. But the country’s big banks treat foreigners, including foreign students, when they apply for mortgage loans to buy a house. However, they apply a completely different set of standards: there is no need to provide proof of income at all, and there is no need to prove the source of income!
According to internal documents from Scotiabank and Bank of Montreal, BMO, the bank instructed its loan staff not to identify the source of income for foreign customers as long as the down payment reached 50 per cent.
However, several banks have been penalized by Canadian federal regulators for lack of proof of income from foreign customers. Because if they cannot confirm that these customers have the ability to repay their loans for a long time, and that the customers have obtained the purchase money through legal means, the risks to the banks can be imagined.
This example is a good illustration of how speculators keep putting money into Canadian real estate, making property rights more and more complex and assets ambiguous, and they treat houses as commodities rather than homes.
On the other hand, David Eby requires that the provincial government should tighten the supervision of real estate transactions, especially buyers should prove the source of funds for home purchases. He proposed a more extensive investigation and study on whether to allow the Bank of Canada to allow foreign customers to buy properties with only a down payment and unverified income in the Greater Wen region.