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The latest figures show that the average house price in Toronto rose by the largest monthly rate in March this year since February 1989. A brand new house in the Greater Vancouver area has been sold for 2099 bitcoin on a Hong Kong website.
According to statistics, Canadian real estate absorbed about $93 billion of investment from China from 2010 to 2015, according to Accordson Consulting. Vancouver absorbed 72 per cent of all plus property investment in the first quarter of last year, according to CBRE.
A reporter from the International Finance News interviewed Diana Peng, a real estate investor at lovehomerealty Real Estate Brokerage in Canada, and Cheng Yonglin, a visiting scholar in the Department of Finance at the University of Windsor in Canada.
After 2008, residential real estate investment as a share of GDP in the United States continued to rise, as did Canada. Today, residential real estate investment in Canada accounts for 7.7 per cent of GDP.
In Canada’s best provinces, including British Columbia and Ontario, 40% of economic growth comes from real estate and related financing.
The hottest is the Vancouver real estate market. UBS Bank of Switzerland, a world-famous bank, pointed out that prices in the Vancouver real estate market have been inflated since 2007.
In January 2016, the average home price in the Greater Vancouver area reached C $1.04 million. Because the market is overheated, Vancouver has to step in and impose a 15% real estate transfer tax on foreign citizens who buy houses. From mid-2016, Vancouver house prices began to go down.
In April, average home prices in greater Vancouver, Canada’s most expensive real estate market, rose 11.4% year-on-year to C $941100, according to the Greater Vancouver Real Estate Bureau.
By category, apartment prices in this area rose the fastest, rising 16.6% from a year earlier, while jumping 3.1% from a month earlier to C $554100; the average price of a multi-family house rose 15.3% from a year earlier, up 2.4% from a month earlier to C $701800; the average price of detached houses rose 8.1% year-on-year, 1.8% from a month earlier to C $1516500.