Kingscrest oakville . Nearly 40% of young people have given up buying houses. Although buying a property in Ontario was once a typical milestone for Ontario residents, soaring real estate prices have changed the way young people think about home ownership.
According to a recent survey by RBC, up to 39 per cent of non-homeowners under the age of 40 have given up the idea of owning a home, according to Narcity.
The announcement comes as house prices in Ontario continue to rise. By next year, property prices are expected to rise by 21.2%, making the average house price in the province around 900000 yuan.
At the same time, the budgets of many residents who are still planning to buy homes in Canada are nearly 200000 yuan lower than the average price.
Home prices soared during the COVID-19 pandemic, with luxury property transactions rising sharply in 2021, according to the latest property market data from Canada’s Sotheby’s International Real Estate (Sotheby’s International Realty Canada). Although foreign buyers’ tax has been implemented in many parts of the country, it does not help the property market to cool down, and some property market experts predict that the hot degree of the property market will continue to burn until 2022.
Sotheby’s International Real Estate Canada compiled statistics on domestic property sales of more than 1 million yuan, 4 million yuan and 10 million yuan, and found that national sales of luxury homes and luxury apartments soared in the first half of 2021. Don Kottick, its chief executive, said sales of luxury detached houses and luxury apartments in most of the country’s big urban centres soared in 2021. Although Woking promised to impose a property tax on foreign buyers or astronaut families, it did not stop the domestic property market from moving towards a strong bull market in 2022.
