The capitol residences. House prices hit an all-time high. Real estate prices in Canada are definitely soaring, especially in the suburbs, according to a new report released on May 17th.
The price of a “typical” home in Canada has reached a new “all-time high”. The benchmark price in April reached 731600 yuan, an increase of 18100 yuan over the previous month.
The biggest monthly price increases were not in Vancouver or Toronto, but in Southern Georgian Bay, Ontario, where prices jumped 43100 yuan to reach the benchmark price of 635600 yuan.
This was followed by Fraser Valley in BC province, where house prices reached 1.0207 million yuan, an increase of 39500 yuan. Finally, the monthly price of Kawartha Lakes, also based in Ontario, increased by 37800 yuan to reach the benchmark price of 591200 yuan.
As for the annual price increase, the biggest increase occurred in the “cities around Greater Toronto”.
As we all know, the property rights of domestic general civil housing is 70 years, while in Canada, real estate is generally traded in the market is permanent property rights, land property rights can also be privately owned. Common types of property rights in Canada include permanent property rights (Freehold), free co-ownership rights (Freehold Condominium), and Native Lands (aboriginal reservations), which are similar to those in the United States, which are subject to a property tax of 0.5-1 per cent a year. Click on “what is the difference between Canadian housing property rights and Chinese housing property rights” to see a complete interpretation.
It is worth noting that property tax is an important source of revenue for Canadian municipal governments. Most houses pay a certain proportion of property tax every year, and the tax rate may vary from year to year due to differences in various factors. but the range of fluctuations will not be too large. The property rights of other types of real estate are different, and there are also differences in the payment of property tax.