The boulevard condo thornhill . The average price of detached houses increases by 10% a year, apartments by 5.3%. According to a report released on the 14th by Royal LePage, a Canadian real estate company, the median price of a standard two-story house in Canada rose 10% year-on-year to 820000 yuan.Please Visit: The boulevard condo thornhill to Get Your VVIP Registration Today!
The median price of bungalows rose 7% to 570000 yuan, while that of apartments rose 5.3% year-on-year to 510000 yuan. Toronto property prices soared in the third quarter of this year, but at the same time the property market has begun to show signs of cooling.
In the third quarter of this year, average house prices in the greater Toronto area rose 11% from the same period last year to 922400 yuan, according to the report. But Phil Soper, chairman and chief executive of Royal LePage, predicts that there will be no more double-digit increases in the fourth quarter and even next year. The property company predicts that property prices in most areas will rise 8.5% in the fourth quarter and will be even lower in the first quarter of next year.
As the Toronto property market slows, property sales in smaller towns are still hot, thanks to the fact that more people are willing to move to small towns because they can work from home. In some resorts, such buyers fall into two main categories: those who earlier postponed their plans to buy holiday homes and are now put into practice under the temptation of low interest rates; and the second is retired baby boomers moving to settle in these areas.
The Royal LePage national composite index of house prices is based on proprietary data from 64 Canadian cities. According to the type of house, the median price of a standard two-story house rose 10% year-on-year to 820000 yuan, while the median price of a bungalow rose 7% to 570000 yuan. The median price of an apartment rose 5.3% year-on-year to 510000 yuan.
Statistics Canada reported that in the first quarter of 2020, the household savings rate climbed to 7.6% of disposable income, the highest level since 1996. In the second quarter, the savings rate soared to 28.2%, the highest since the early 1960s. Between 2015 and 2020, the average savings rate was about 3 per cent.
The competition among buyers in many areas is very fierce. According to a recent survey of Royal LePage consultants, in September, 95.4 per cent of Royal LePage agents surveyed said separate houses in their area had attracted multiple offers, while 54.1 per cent said apartments were attracting multiple offers. According to the national survey, 89.4% of agents had to make at least two offers on behalf of their clients in the third quarter. 16% of people must make more than five offers. In Quebec, the proportion of agents who must quote more than five times has risen to 19.1%, the highest in the country.