Grand central mimico . Sales in the property market hit an all-time high. Market data from the Canadian Real Estate Association show that the housing market was relatively stable from April to May, but the housing market still showed unprecedented heat. Please Visit: Grand central mimico to Get Your VVIP Registration Today!
In May 2021, the average house price in the country was just over 688000 yuan, up 38 per cent from the same month last year.
Curtik believes that the strong bull market in the domestic property market is due to a number of factors, including low bank interest rates, national demand for more accommodation, and a chronic shortage of housing. High property prices have shattered the dreams of many young people in the country to get on the bus, and Prime Minister Durudo has promised to levy taxes on foreign sellers, focusing on cracking down on overseas property speculation groups. Wojing reiterated earlier that from 2022 to 2023, taxes from overseas buyers will be as high as 700 million yuan, which will be used to improve the housing affordability of the people.
Some cities in British Columbia have imposed a 20 per cent land transfer tax on foreign buyers and an additional speculative tax on vacant homes, while in Ontario, some cities in the province have imposed a 15 per cent overseas buyer tax on foreign buyers. In spite of this, Curtik believes that the overseas buyer tax implemented by the government is not very effective. During the new crown pandemic, foreign buyers were unable to enter Canada smoothly, and the vast majority of buyers who snapped up luxury homes in the past year were Canadian nationals. as buyers move out of the city center, looking for a larger area of accommodation, most domestic investors aim at business opportunities and join the bidding war, in the minds of many citizens. Real estate has been defaulted to value-added assets.
Some real estate experts have called on the government that in order to cool the property market, the government should not only impose taxes on overseas buyers, but also implement cooling measures for both domestic and foreign investors, such as preventing all sellers from carrying out property transaction arbitrage in a short period of time, setting up a step-by-step sale tax rate and gradually reducing the tax rate to zero within five years of holding property, which will help prevent speculation in the real estate market and change the mentality of both buyers and sellers.