m city condos.The house price is high and the immigrants? According to the bill, starting from January 1, 2023, Canada will ban foreign buyers from buying houses, and any real estate agent or developer who works with foreign buyers may face a fine of up to $10000.Please Visit: m city condos to Get Your VVIP Registration Today!
The Act is implemented for two years and applies to foreign companies and individuals who are not Canadian citizens or permanent residents, including direct and indirect purchases.
After the rise in house prices in 2020-2021, the Canadian government finally began to lift the table regardless of martial arts-directly banning foreigners from speculating in Canada.
What happened to the Canadian real estate market?
From the historical data, over the past 20 years, Canadian house prices as a whole showed an upward trend, even after the 2008 subprime crisis, house prices returned to rise after a brief adjustment. After the outbreak of COVID-19 in 2020, Canadian house prices once again entered a rapidly rising range. During this period, the year-on-year growth rate of Canadian house prices as a whole reached a maximum of about 12%.
According to the Canadian Real Estate Association (CREA), the average price of independent houses in Canada hit an all-time high this year, with the highest price reaching about C $816000 (4.149 million yuan), up 20.6% from a year earlier and more than double that of 2015.
Such house prices are about 50% higher than the average price of independent homes in the United States, a good neighbor of Canada.
The extent of Canada’s real estate bubble is among the highest in the world. According to BMO, Canadian house prices were overvalued by 76% in the first quarter of 2022, the biggest deviation in the past 40 years, and Canadian house prices ushered in a major bubble.
In addition, Toronto, Canada, ranked first in the world with a score of 2.24, while Vancouver, another Canadian city, ranked sixth, according to the global housing bubble index released by UBS UBS.
