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Many Chinese immigrants are very remorseful. If they had gnashed their teeth and were cruel and bought a separate house in Toronto, they would have become millionaires now.
The soaring exchange rate of the renminbi against the Canadian dollar over the past year has really made the daydream of going back to buying a house a reality. The exchange rate of the Canadian dollar against the renminbi in 2010 was about 1:7. The current exchange rate is hovering around 1:5, and the renminbi has appreciated by 40 per cent against the Canadian dollar in real terms. Over the same period, property in Toronto, despite its ferocious rise, recorded a rise of only 38%. For Chinese immigrant buyers who buy houses in RMB, property prices are almost the same as in 2010, and there may be some change.
A few days ago, the Canadian Real Estate Association (Canadian Real Estate Association) released the latest real estate data for April 15. The average house price in Canada is up 9% from the same period last year. 5%, especially in Vancouver and Toronto, both in volume and price.
But on the day the report was released, the Bank of Canada poured cold water on it, telling the public that it was worried about the “correction” of property market prices. “repair” is a stock market term that usually refers to a 10% drop in prices. Worse than “repair” is a “bear market” or a crash, which means prices will fall by more than 20%. No, no, no. The central bank only thought that the housing market would make a “soft landing”. This time, the emphasis on price “repair” has greatly raised the tone in warning that house prices are overheated.
The Canadian government is even more worried about the housing market, which has been worried that the Canadian housing market will repeat the subprime mortgage crisis in the United States. In mid-2014, the finance minister shouted to several big banks, exhorting them not to fight a price war on real estate loan rates, adding fuel to the housing market. However, strictly speaking, the finance minister’s remarks were “too long”. After giving him face for two months, the lending institutions continued to go their own way. The promotion should be promoted and interest rates should be cut.