Ajax condos for sale . The distributor invests $1 billion to buy independent houses to rent. The “housing crisis” has intensified as a result of soaring house prices in major cities in Canada, and many young people look at their houses and sigh.
I don’t know when I can buy a house of my own. However, Core Development Group, an apartment developer in Toronto, plans to buy a single-family house worth 1 billion yuan (single-family homes),) and use it as a rental.
According to the Toronto Star, a local English-language newspaper,: Core Development Group has launched a real estate project covering major Canadian cities, with plans to invest hundreds of millions of dollars in Ontario, Quebec, BC and Atlantic provinces to carry out a huge single-family housing rental business.
The project will start with eight cities in Ontario, including Hamilton, London, Kingston, St. Catherine, Barry, Peterborough, Cambridge and Guelph, and will expand outside Ontario five years later in 2026.
Critics point out that, Core Development Group’s strategy is to emulate the practice of some American companies in the wake of the 2008 financial crisis, buying a large number of homes and putting them into the rental market while retaining equity.
Augus (Martine August), an economics professor at the University of Waterloo in Ontario, says, Core Development Group’s practice is unusual, but it is by no means unprecedented in Canada. It’s just that in the past, wealthy investors usually made a profit by buying apartment buildings and renting out their personal homes to tenants. Core Development Group, however, reached directly into the single-family home (single-family homes).
But the current situation is that the supply of single-family homes in the local real estate market is already insufficient. These companies are also involved in buying houses, which will only lead to more tension in the market.
According to the data, house prices in Ontario soared sharply during the COVID-19 pandemic due to low interest rates and rising demand. In Toronto, for example, average home prices rose nearly 30 per cent to 1.11 million yuan in May. In small cities and rural areas, house prices have risen by as much as 50% in a year.
