The arthur townhomes. Property sales in Canada rose 39.2% in February. The average selling price rose to nearly 680000. The Canadian Real Estate Association (CREA) issued a warning.
It is estimated that by 2021, the average selling price of residential buildings in China will reach 620000 yuan. As of this month, CREA reported that property sales in February rose 39.2 per cent from the same period last year, with the average selling price rising to 678091 yuan, up 25 per cent from the same period last year. In the past, people could plan to buy their own homes in a down-to-earth manner, but experts expect that, given the current strong rise in property prices, these dreams may become castles in the air.
The rise was driven in part by a pandemic, which drove people out of big cities such as Toronto and Vancouver and pushed up home prices in the areas to which they moved. The epidemic in the Atlantic provinces is relatively good, and recently a large number of people have been able to move to settle in the area.
According to the Canadian Broadcasting Corporation (CBC), a house recently sold by Pat Currie, a real estate agent in Nova Scotia, received 19 bids in a short time, and the bidding was quite heated, and the final transaction price was 250000 yuan higher than the opening price of 699000 yuan, reflecting changes in the local market. She said that apart from locals, many buyers who have recently come to the new province to look for houses are from Vancouver, Asia, Toronto, Ontario, and even Beijing, China. It is estimated that the epidemic has caused many people to rethink where they live and choose quieter areas. New provincial housing prices are relatively appropriate, but they are also narrowing the gap with other provinces.
In a report released last week, the Canadian Mortgage and Real Estate Corporation (CMHC) pointed out that five regions-Toronto, Ottawa, Halifax, Hamilton and Moncton in NewMercedes province-are highly vulnerable to instability, but overall, the national property market is only moderately exposed to risks. in a report released last week, the Canadian Mortgage and Real Estate Corporation (CMHC) pointed out that the property markets in five regions-Toronto, Ottawa, Halifax, Hamilton and NewMercedes-are highly vulnerable to instability. In February, however, the central bank warned that the economy had shown early signs of overheating. A recent Reuters commentary even said that Canada’s red-hot property market has become a fire.
Economist Armine Yalnizyan points out that citizens are now at the pivot point of how they view home ownership. “We have been living under the creed that we should own our own homes and think that this is the best.” She says this leads to the idea, especially for young people, that not buying a house “can’t be an adult in a sense,” but she believes that “adulthood doesn’t need to own a house to be successful.”
“it doesn’t hurt to rent a house,” said Ahmed Hussen, the federal minister of family, children and social development who oversees the CMHC. “it’s just as good to live in a rental unit. There’s no problem at all.”
Husen believes, “for many citizens, owning a home in most parts of the country is not out of reach.” He pointed out that in order to make it easier for the property market to enter, the federal government launched a national housing policy in 2017. The 10-year plan promised to increase funding from 40 billion yuan to 70 billion yuan for the construction of affordable buildings and to alleviate the plight of the homeless.
“for a variety of reasons, people’s desire to buy a house will not abate, but the reality is that the housing we can afford will be in short supply,” Yanien predicted. ” She warned that if the cost of living is too high, it will affect the country’s attractiveness to talents and workers. “We want to compete with other rich countries, so our own country needs to be a magnet to attract talent from all sides.”