Grand central mimico . House prices rose at a 28-year high in March. Ontario is expected to make a big move at the end of the month. The average price increase in March in the Toronto area was the highest since 1989, with the average selling price of independent houses in many cities reaching 1.6 million yuan.Please Visit: Grand central mimico to Get Your VVIP Registration Today!
Average home prices in the Toronto area rose 33.2% in March from a year earlier, the highest increase since 1989. The average selling price of detached houses in Toronto is 1.6 million yuan, while the average price of semi-detached houses has also risen to a high of 1.09 million yuan. Toronto Mayor Zhuangdeli expressed deep concern about this and asked governments at all levels to increase housing supply. The Toronto Real Estate Chamber of Commerce reiterated its opposition to government intervention in the market.
Larry Cerqua, chairman of (Toronto Real Estate Board,TREB, the Toronto Real Estate Association, said the rise in property prices was caused by supply and demand. The number of new homes listed in March increased by 15.2% over the previous year, especially for independent houses, but still failed to catch up with the 17.7% increase in sales, making the housing market in most districts tight. The overall sales growth of (South Simcoe County) in South Shuangao County was the strongest, reaching 35.24%. Its independent and semi-detached houses increased by 36.6% and 31.19% respectively, which was also the highest in many districts. Town houses and sub-contract units are the highest in 36.85% and 32.74% of Durham District.
Jason Mercer, director of market analysis at TREB, said low interest rates and public confidence in the overall economic outlook in many districts prompted buyers to enter the market. As many buyers can not find housing, resulting in increasingly fierce bidding, pushing up housing prices. It will take several months for the market to see that the number of orders exceeds sales before the real estate market in most areas will restore the balance between supply and demand.
‘The demand for housing is almost impossible to meet, and the government should take measures, including some drastic measures, to cool the market, ‘said Doug Porter, chief economist at (BMO Capital Markets) in Manchuria Capital Markets.
Mayor Zhuangdeli expressed great concern about the soaring property prices, saying that many people not only lost the hope of buying a house, but even dared not to think of it. People must continue to have the hope of buying their own homes. Not only the rich can buy houses, but the general public can also own their own homes. He believes that the rise in housing prices is due to insufficient supply, so the Government should try to increase housing supply to ensure that speculators cannot manipulate the property market.
He also considered that the supervision of the real estate industry was very weak and it was necessary to conduct a review. Buyers are often encouraged to cancel all conditions, including very important house inspections. At a time when it is difficult for the public to buy houses, the municipal government should provide protection for the public.