75 curlew towns . The increase in the emigration of Hong Kong people to Toronto has led to a sharp rise in property prices. Last year, although the Canadian economy was shrouded in the haze of the novel coronavirus epidemic, the property market was booming against the market.Please Visit: 75 curlew towns to Get Your VVIP Registration Today!
The Canadian Construction Industry and Land Development Association concluded that sales of new homes in the Greater Toronto area in 2020 totaled 37669, an increase of 5% over 2019. Among them, low-density new houses performed well, with sales of nearly 17000 houses, up 81% from 2019, but sales of new tiered units fell 22% to more than 20, 000 transactions.
When the economies of various industries have been hit by the COVID-19 epidemic, the property market in the Greater Toronto area is extremely prosperous in the opposite direction, even more than before the epidemic. The overall property market sales in the Greater Toronto area have not only risen, but also property prices have risen accordingly. The benchmark price for new tiered units is more than C $1 million (about HK $6.03 million), up 12%, while the benchmark price for low-density housing is C $1.32 million (about HK $7.96 million), an increase of 21.5%.
Wu Shusheng, vice president of the Ontario Chinese Real Estate Professional Association, believes that in 2020, when the epidemic was raging, the property market in the Greater Toronto area was still buoyant. Apart from the fact that local mortgage interest rates remained extremely low to attract buyers on board, the epidemic changed people’s lives. Prospective buyers focused on detached houses far away from the city center, more than mosquito units in the city center. He also mentioned that under the changing situation in Hong Kong, returning Hong Kong people might become a new force for home buyers in the next few years.
Wu Shusheng specifically mentioned that recently, there were more Hong Kong families planning to return to Toronto from Hong Kong and asked him about the sales of local buildings. He described the Hong Kong families who felt that many Hong Kong families planning to return to Canada would return there in the next one to two years. They may become a new force in home ownership in the Greater Toronto area.
When it comes to the forecast of buildings in the Greater Toronto area this year, Wu Shusheng believes that the property market will continue to rise this year, but it is hard to say how fast it will rise, because the extent of economic recovery this year must depend on the efficacy of vaccination. and whether the trend of the epidemic is gradually alleviating and other objective factors.
He said that the change in lifestyle under the epidemic, extremely low mortgage interest rates, and the fact that citizens did not spend much on entertainment after the closure of the city and an increase in savings have enabled prospective buyers to buy relatively larger houses in Toronto’s “905 area” or farther afield. You can really enjoy life after working from home.
Referring to the low sales of stratified units under the epidemic, Wu Shusheng pointed out that the co-managed stratified units in downtown Toronto were more affected, and the units located in the periphery of the city center had little impact and were not as sluggish as described by the outside world.
In addition, Wes (Ryan Wyse), data analysis manager of Canada’s Altus Group, described that in 2020, when the economic outlook was so unstable, the property market still outperformed others, affirming buyers’ keen demand for real estate and optimistic prospects for the property market. He further mentioned that as a result of the epidemic, wage earners work at home, people spend more time at home, and buyers want to have a comfortable and ample living environment, which makes low-density housing such as self-contained housing very thirsty.
Regis (Dave Wilkes), president and chief executive of the Canadian Construction Industry and Land Development Association, is worried that there are only 13000 new housing units in existence. He said that the existing supply is only enough for four months, and in a healthy property market, the inventory of new housing should have a supply period of nine to 12 months. This will only make property prices soar and make it more difficult for buyers to track down the goods.