M2m condo assignment. House prices were always lower yesterday! The 1970s saw a sharp rise in house prices in Toronto, where the average house price was only 29,429 yuan in 1970.Please Visit: M2m condo assignment to Get Your VVIP Registration Today!
By 1979, the 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 value-added tax on all properties.
Investment summary: the cost of the transaction is not cheap, and buyers always have to consider the cost of decoration and reconstruction. Mortgage rates won’t always be as low as they are now, so remember to avoid price wars like Offer.
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 has tripled, the benchmark bank interest rate is as high as 21%, and the home loan interest rate is 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 a trough 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.