forma condos.What are the main types of Canadian real estate market? A coastal city with a climate similar to that of Vancouver. Such cities are represented by Nanaimo and Victoria, both on Vancouver Island, separated by a narrow strait of only 25 kilometers.Please Visit: forma condos to Get Your VVIP Registration Today!
In terms of market performance in August, Nanaimo showed a big rise, with the average price of a Nanaimo independent house rising 7.14 per cent from July to C $453700 in August and 30 per cent higher in terms of turnover compared with the same period last year. In Victoria, although the transaction price of detached houses was C $752500 in August, down 0.7% from July, sales increased by 12% compared with the same period in 2015.
A land city connected to Vancouver. Such cities are represented by the Feisha River Valley, which is located on the east side of the Greater Vancouver area, not the coastal area, and benefits less from the actual situation. The average price of detached houses in the area was C $679888 in August 2016, up 0.5 per cent from July. In terms of housing turnover, a total of 1694 properties were sold in the region in August 2016, down 2.3 per cent compared with the same period last year.
A big city with the same level of economic development as Vancouver but with a cold climate. Such cities are represented by Toronto, where the average price of self-occupied houses was C $845000 in August, up 0.97% from July, while transaction volume increased by 22.7% compared with the same period in 2015.
It can be seen from the above that the cities with higher similarity to Vancouver and lower average house prices are more likely to benefit.
It should be said that the real estate policy still has a great impact on real estate prices, but the introduction of the new policy makes BC province face major legal challenges. On 19 September, the BC Provincial High Court received a class action application on behalf of non-Canadians against the new transfer tax in the province of BC, suing the province of BC of Canada for ultra vires and discrimination. The lawyer said: foreign trade regulations “fall within the jurisdiction of the Federation”, so BC province is suspected of exceeding its authority. In addition, the new tax, imposed on the basis of nationality, violates more than 30 international treaties signed by Canada and is “discriminatory”. Once the case is won, BC province will face a large amount of reparations, and the policy will be cancelled.
Vancouver is annoyed by the fact that house prices in Dawen are still high after the introduction of the new policy, and realize that these measures are far from enough. Perhaps there will be more policies to come. Canadian Finance Minister Bill Morneau said on Sept. 8 that as the property markets in Vancouver and Toronto remain hot, additional and more effective measures may be needed to cool them down.
Therefore, the future trend of Canadian real estate policy, there are two possibilities of leniency and strictness, and there is a greater possibility of strictness. This means that it may take more time for the Vancouver real estate market to adjust, which will also give other cities more opportunities.