bravo festival condos floor plan.The Canadian property market is in a bubble crisis.The Canadian real estate market continues to heat up and is constantly warned by domestic and foreign institutions with a”high fever”.The resulting anxiety is spreading,and homeowners and investors are worried about whether the Canadian real estate market bubble really exists.whether it will lead to a sharp housing market crash.Please Visit:bravo festival condos floor plan to Get Your VVIP Registration Today!
Recently,Hilard Macbeth(Hilliard MacBeth),an investment expert in Edmonton,issued a serious warning to the Canadian real estate market:”the Canadian real estate market has shown all the classic features of an asset bubble:rapidly rising prices,the great regret of those who feel they missed the buying opportunity,a lot of media coverage,and people’s obsession with real estate.”
Canadian real estate businessman Chris Evans told reporters that high housing prices in Canada have long triggered a variety of local concerns and discussions.But at present,the overall house prices in Canada still maintain a steady growth trend.Chris told reporters that the government may introduce some policies to adjust house prices in the future,but he predicts that the Canadian property market will still be”hot and popular”in recent years.
Zheng Yujie,a senior researcher at CIC,told reporters that in the future,Canada may curb the excessive development of the real estate market,especially speculation,by raising interest rates,paying property taxes or increasing home purchase taxes.”if the Canadian real economy does not continue to improve,then the real estate bubble crisis will become clear and the risks of the local property market will continue to expand.”Zheng Yujie said.
Canadian housing starts rose 0.5 per cent to 197300 in September on a seasonally adjusted monthly basis,according to data released by CMHC on Oct.8.New housing starts reflect the activity of the Canadian housing market,which has a direct impact on the economic development cycle.
This strong growth is mainly based on Toronto and Vancouver.”Today,the city with the highest house prices in Canada is Vancouver.”Canadian real estate agent Jack Li told reporters.
A few days ago,a statistical report on house prices in international cities supported Jack’s claim,pointing out that the house prices in Vancouver in western Canada are second only to Hong Kong in China,ranking second in the world.Statistics released in March by the Canadian Real Estate Association and the National Association of Realtors also show that Vancouver prices rank first among 20 major cities in North America.
At the same time,Real Estate Trends 2015,jointly released by the Urban Land Association and PricewaterhouseCoopers,points out that the Vancouver property market will become one of the hottest areas in Canada,ranking fourth in terms of investment,development and housing,followed by Calgary,Edmonton and Toronto.
However,why is it that Vancouver is neither a political capital nor a financial center,while house prices remain high,or even continue to rise?A number of real estate experts interviewed believe that from the current situation,the imbalance between supply and demand in the Vancouver property market is the main reason.
According to statistics,the number of new immigrants in Vancouver is about 30,000 a year,and the housing demand of these people will naturally push up house prices.Industry insiders point out that as long as Vancouver continues to accept 30 to 35000 immigrants a year,it will be enough to support high real estate prices here.
A staff member of a Vancouver real estate company told reporters that the lowest-priced independent house in the city(with an area of about 75 square meters)is now about 600000 Canadian dollars(about 3.48 million yuan).According to the data,the average property price in Vancouver has reached 800000 Canadian dollars(about 4.64 million yuan).
According to the head of Sotheby’s International Real Estate,real estate prices in Vancouver have remained high compared with other North American cities since the financial crisis began in 2008.Vancouver,Canada’s most diversified and urbanized city,located at the westernmost end,is an important gateway to Asia,sought after by immigrants and real estate investors,and strong demand has driven up house prices in Vancouver.
“there are even many overseas investors who invest in Vancouver real estate as a way to hedge against risk.”Jack said that for them,buying property is a kind of”insurance”rather than a simple investment.
In addition,housing prices in Vancouver have been high,which is closely related to its relatively low land tax.According to figures released recently by the Canadian Real Estate Association(REALpac),Vancouver pays an average of 0.368%of the local rent in the country’s top 10 cities(that is,0.368 yuan for every 100 yuan of house prices),the lowest and the highest in the country.
The International Monetary Fund(IMF)reported in early October that Canada may need to implement stricter rules to cope with an overheated recovery in the property market,given the surge in apartment construction activity in big cities such as Vancouver and Toronto and the continued rise in house prices.