Langstaff Gateway Condos price list. Is there an avalanche of house prices in Canada? The rise in house prices around the world is not the result of healthy economic development, but the result of central banks printing money and the flow of excess funds around the world.Please Visit: Langstaff Gateway Condos price list to Get Your VVIP Registration Today!
In order to resist the continuous influx of foreign currencies, Canada has introduced a new tax policy in order to give its people a stable housing environment, which is equivalent to the government taking the initiative to short the property market. At the end of July, the Ministry of Finance of BC Province announced new rules that will impose an additional 15 per cent housing transfer tax (property transfer tax) on overseas real estate investors from August 2, implementing the Greater Vancouver area with the largest number of foreign investors in BC province and Canada as a whole. Investors from Chinese mainland accounted for 76.6 per cent of total home purchases by foreign investors between June 10 and 29, according to the province’s first “overseas buyer data”.
Real estate broker Brent Eilers counted only three homes sold in west Vancouver from Aug. 1 to 14, compared with 52 in the same period last year, down 94% from a year earlier, according to MLS data. Sales in Richmond plunged 96%, while those in NorthBennabi fell 95%. On average, property sales in the greater Vancouver area fell 85% in the first two weeks of August. House prices have loosened, according to Zolo, a Canadian real estate broker. Vancouver has fallen 20.7 per cent in the past 28 days and 24.5 per cent in the past three months. It’s not too much to say it’s an avalanche.
With the rise of global currency tide and asset tide, Chinese immigrants and Chinese buyers have become an important force affecting global real estate. The stability of real estate has created the illusion that the economy and consumption are picking up. In fact, since 2008, the global economy has been a paper tiger.
As a large country of resources, the downturn of manufacturing in the United States and China indicates the depressed prospects of the mining industry in Canada, Australia and other countries. According to the website of the Ministry of Commerce, the Canadian Advisory Board (Conference Board of Canada) released its summer outlook report on July 21, saying that Canada’s annual economic growth rate is expected to be only 1.4%, lower than the 1.6% forecast in the spring report. Business investment is still declining, making it the biggest weakness in the economy, the report said. Canada’s investment in oil and gas fell by about C $19 billion last year.