Kings landing condos concordcondos. The price of detached houses soared by 40%. Canadian house prices have been rising, but no one knows how fast they are rising compared with other similar developed countries in the world.
According to the latest report, house prices in Canada have risen nearly three times as much as in any other G7 country since 2005.
Data show that since the global financial crisis in 2008, the Canadian economy has been mainly supported by the real estate economy. Between 2005 and this year, house prices across the country rose by 88.0%, far higher than the 32.3% increase in Germany over the same period and almost three times the increase in German house prices.
House prices in the United States, by contrast, rose by just 3.0% over the same period.
A large portion of the increase in Canadian house prices will be completed by 2015. During the 10-year period from 2005 to 2015, Canadian house prices rose by 50.5%. France ranked second in house prices over the same period, with prices rising only 4.8%, less than Canada’s 1% increase. By contrast, US house prices fell 15.1 per cent over the same period.
Since the global financial crisis, Canada has relied mainly on unproductive investment. Data show that residential investment in GDP more than doubled in the 20-year period from 2000 to 2020.
Last year alone, real estate transactions accounted for nearly half of national GDP growth, and the phenomenon is not limited to Toronto and Vancouver.
Obviously, the epidemic does not seem to have had a big impact on house prices across Canada, with Montreal being the most prominent.
According to CTV, the latest national house price survey conducted by real estate agent giant Century21 shows that the unit price of condominium in downtown Mengcheng has risen by an average of 13.5% from a year earlier to 805 yuan per square foot, which is not as high as that of other big cities, but much higher than that of other big cities.
For example, the unit price of an apartment in Toronto is 1083 yuan, but it has increased by less than 10%. Although the unit price of an apartment in Vancouver is as high as 1192 yuan, it has dropped by 4%.
Not only apartments have risen, but the unit prices of independent houses and town houses have increased even more astonishingly, of which the unit price of independent houses is 958 yuan, an increase of as much as 40% over the same period last year. Ms. Angela Langtry, an agent at Century 21, called house prices crazy.
She analyzed that the epidemic has stimulated demand, people have more time to think about what kind of housing they want, they want a swimming pool, especially at the peak of the epidemic, the demand for detached houses has soared.