Riocan living . House prices in Toronto may rise by 25% this year! The average price of independent houses next year is 2 million! The Toronto real estate market will continue to rise this year, with house prices expected to rise 20 per cent 25 per cent, 10 per cent higher than earlier estimates, Beata Caranci, chief economist of (TD Bank) at TD Bank in Toronto, said on March 20.Please Visit: Riocan living to Get Your VVIP Registration Today!
House prices in the Toronto area have climbed 19% in the past 12 months, the fastest increase since the 1980s. “the evidence shows that speculative power is increasing and that house prices are likely to be close to the highest predicted value without policy measures to control,” Beata Caranci said.
In February 2017, the average price of independent houses in Toronto has exceeded 25%. According to the highest growth rate of 25%, the average price of independent houses will reach more than 1.96 million at this time next year, close to 2 million!
The tax on foreign buyers has been the focus of a policy debate about how to cool the market, which has been effective in other cities around the world in the short term, but can also trigger unintended consequences. Taxes introduced in Vancouver last year pushed investors to other areas such as Toronto. Beata Caranci said focusing solely on taxes on foreign investors would not deter Canadian speculators. Doug Porter, chief economist of the Bank of Montreal’s (BMO), also said last week that Toronto was clearly at the center of the real estate “bubble”.
As far as she knows, many homeowners are unwilling to reduce prices when renting, because they are not worried about the source of tenants, and the landlords are also very careful about the selection of tenants, and some even have to ask brokers to help screen tenants carefully, because once the house is rented to a bad tenant, there will be a lot of restrictions, and there will be a lot of trouble if you want to sell the house, so this aggravates the shortage of supply.
Speaking of the sharp decline in rental market prices in Hong Kong, she also clearly felt that she had just returned from Hong Kong to Canada that she had seen a lot more vacant shops in Hong Kong this year than last year. She believes that this may be related to the decline in the overall economic development of Hong Kong in recent years, and the number of individual visitors has also greatly decreased, causing some businesses to close their shops, landlords are unwilling to rent shops at low prices, and the small increase in labor has also made it very difficult for residential rental prices to rise.
