8 elm.Canadian house prices still have an upward trend. Canada’s housing market continues to play an important role in the national economy.Please Visit: 8 elm to Get Your VVIP Registration Today!
In the last quarter of 2019, real estate sales, leasing and rental business grew by 0.6%, contributing $253.87 billion to the overall economy. This is the seventh consecutive quarter of growth in the sector, mainly due to the strong second-hand housing market.
Overall, Canadian GDP reached $1.98 trillion in the quarter, an increase of 0.13%.
Since real estate is an industry highly dependent on bank loans, Canada’s economic development has also greatly increased the debt of Canadians.
Although many people say that house prices in Canada have fallen, the industry figures seem to be just the opposite.
Real estate industry data show that average house prices in Canada rose 8.4% in the year to November, Real Estate Wealth reported. The exception is that Vancouver’s once-booming market fell 4.6%.
The fastest growth was in the Greater Toronto area and Nova Scotia, which rose 6.8% and 19%, respectively.
Market watcher Matt Smith wrote: “some people say that 2020 will be the year when the Canadian real estate bubble finally burst.”
The global economy has been affected by the COVID-19 epidemic this year, while Canada’s economic growth was sluggish in 2019 and the first two months of this year, and total home sales are likely to fall in some parts of Canada with higher house prices, such as Vancouver.
Matt Smith added: “higher mortgage default rates will lead to an increase in housing supply in an environment of weak sales, putting more pressure on house prices.”
Although sales are expected to decline in 2020, the average price of housing sales is likely to remain upward in some areas due to tight supply. According to the Toronto area Real Estate Board (TRREB), the average selling price of homes in the Toronto area will rise by 10% to C $900000 in 2020.