Pre construction condos scarborough . Royal real estate first quarter property price report. The city of Ridge Wenshan outperformed the country by 31.5%.
Home prices in Richmond Hill rose 31.5% in the first quarter of this year, while Oshawa, Mong City, Mangjin and Warville in the Greater Toronto area also increased by more than 20%. According to the quarterly report of Royal Real Estate (Royal LePage), Canadian real estate rose 12.6%, half of which was led by Ontario. Toronto and Vancouver, the two largest real estate markets in the country, are polarized, but Vancouver is likely to rebound sharply.
Suppa (Phil Soper), chief executive of Royal Real Estate, said it was the first time in years that the housing market in Vancouver and Toronto had run counter to each other. As consumers are confused by a series of fragmented interventions by the three levels of government, transaction volume in Vancouver has plummeted and property prices have adjusted downwards due to reduced demand. Toronto has a shortage of housing stocks, making it the hottest housing market in the country.
Ontario’s economy will be on a par with British Columbia this year, once again rising to the top of the country since 2000, boosting the property market, especially in southwestern Ontario. Prices of all kinds of houses in the Greater Toronto area generally rose 20%, Toronto 17% to 763875 yuan, Richmond Hill 31.5% to 1209741 yuan, O’Shahua 28.2% to 500105 yuan, Wang City 25.8% to 985534 yuan, Wanjin City 23.2% to 970216 yuan, Warville 23.1% to 987,001 yuan. There was also an increase of 17.4% to 12.4% from Hamilton to London in South Ontario.
British Columbia will continue to lead the national economy this year, with an estimated 2.3% growth this year, while Vancouver’s economy will be replaced by retail sales. Property prices in Dawen fell across the board in the first quarter of this year since 2013, but prices in (Langley), Beiwen, Suri and Richmond rose 21.2% to 13.4% in the first quarter of this year. The report points out that property prices in the lowland plains of BC are recovering, and there is reason to believe that the market adjustment in Vancouver may be short-lived. The Chinese are to blame for the housing shortage in Vancouver, but the British provincial government’s tax on foreign buyers has made Canadians who want to buy or sell homes the biggest victim. Since the introduction of the new tax, 90% of real estate transactions in the lowland plains have been reduced by Canadian residents rather than foreign buyers. Due to a six-month backlog of demand in the market, house prices are likely to rebound sharply.