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Dawei is not a real estate professional, let alone an economist, it is difficult to accurately judge the future, and even there is no rigorous and clear understanding of the current situation. But I always believe that if we stick to our own principles and values and analyze everything from the simplest truth, we can often get the best results.
Canada is a country with extremely uneven economic and cultural development, with more than half of the country’s population concentrated in six major cities. In terms of real estate prices and heat, Vancouver and Toronto are absolutely the first echelon. The two cities also bear the brunt of this year’s boom.
Here I do not look for the average increase figure, the average figure is very difficult to have the perceptual cognition. Take the Baishinan Suri area where I live, for example, at the beginning of 2021, a 1.5 million independent house has risen to about 1.9 million by the end of 2021. A C $800000 townhouse at the beginning of the New year costs 1 million now. In less than a year, the house has risen by 20% and 30%.
Of course, this figure is not strictly representative. The house prices of more than 20 cities in Dawen area are different from each city, and even the prices of the two independent houses next door can be quite different. But according to my observation, there is a 20 per cent increase in the number of houses under 3 million in Vancouver in a year. The demand for houses over 3 million Canadian dollars is not too great, the situation is more complicated, and the rate of increase cannot be generalized.
Skyrocketing house prices are on the one hand, while housing supply is tight on the other. There are only a handful of houses on the market, and as soon as a good house comes out, you can quickly receive dozens of offer, which can often be sold within a week or two. Now many families who want to change houses do not dare to sell their houses first, because the houses are too easy to sell, and they may not be able to buy new ones if they sell the old ones.
There is no doubt that house prices are caused by the long-tail effect of the epidemic. The epidemic has brought unprecedented changes to mankind, housing prices are only affecting the initial performance, the epidemic is likely to have a more far-reaching impact on the future world political structure, as well as economy, culture, science and technology.
From an economic point of view, in order to deal with the economic impact of the epidemic, most countries adopt monetary easing financial policies, especially in western countries, where a large amount of money is overissued, welfare is widely distributed, and consumption is stimulated. However, due to the influence of manpower, raw materials and logistics, commodity prices in traditional manufacturing have skyrocketed.
It is visible to the naked eye that the prices of almost everything in the North American consumer market are on the rise. Forget about food and daily necessities. Take the Acura Mdx, a new car I bought in September. Now the whole line of models has risen by C $1500. After the launch of a car, the model gradually loses its freshness, and with the continuous addition of competitors, its competitiveness is also declining. It was extremely rare before that the prices of cars rose instead of falling one year after they were on the market.
In the United States, the CPI consumer price index stood at 6.2 in October and exceeded 6.8 in December, with inflation reaching a 30-year high. Canada’s CPI index hit an 18-year high of 4.7 in November.
In the general environment of inflation, there is a general consensus that buying a house is the best means to preserve the value of assets. There is a lot of chaos in the capital markets, and ordinary people do not have a good way to manage their finances; and putting money there means rapid devaluation. At this time, most families with spare money will consider investing in real estate and land.
