Leftbank condos for sale. House prices were always lower yesterday! This unprecedented COVID-19 (coronavirus) public health crisis has undoubtedly affected a variety of industries and the lives of the vast majority of people.Please Visit: Leftbank condos for sale to Get Your VVIP Registration Today!
What happened: the 1970s was a time when house prices in Toronto rose sharply. In 1970, the average house price in Toronto was only 29,429 yuan. By 1979, this figure had risen to 70,830 yuan. The sharp rise in house prices has made it difficult for ordinary home buyers to afford, and builders have to reduce the amount of construction and reduce the size of the house. A flood of Europeans flocked to Toronto to buy large amounts of farmland, prompting the federal government to impose a 20% short-term VAT on all properties.
What happened: mortgage rates in the 1980s were unimaginable, often reaching double digits, 22% in 1981, but interest rates were so high that they couldn’t stop house prices from rising. The average home price in Toronto rose 260% throughout the 1980s, from 77, 000 yuan in 1980 to 274, 000 yuan in 1989. After inflation, the price of oil tripled, the benchmark bank interest rate was as high as 21%, and the home loan interest rate was as high as 18-23%!
What happened: the economic crisis in the early 1990s caused the unemployment rate to rise, and people’s affordability to housing was hit hard. Among them, it reached the bottom in 1996, when the average house price was 198,000 yuan, and then began to pick up. But in any case, it did not return to the level of 10 years ago by the end of the century, forming a serious real estate bubble.
Event: over the past 10 years, due to the rapid development of the Internet, people have overestimated the value of the Internet and online stores, and batch after batch of Internet enterprises have “grown up”, rapid financing, rapid development, and rapid listing. And the madness of the market has also accelerated this phenomenon, the concept of the Internet is becoming more and more popular. But the bubble finally burst, except for a small number of beneficiaries, leaving more mourning everywhere, a large number of Internet companies went bankrupt and closed, and the stock price fell to less than the price of cabbage, which also had a great impact on the Toronto real estate market.
Investment summary: with the development and maturity of the Internet industry, real estate circulation is more convenient, the risk is small, the income is not low. The “money” scene of individual investment in real estate projects is still broad, because house prices, especially those of high-quality real estate projects, have been rising steadily.