Langstaff Gateway Condos prices. Why are house prices going crazy? The price of second-hand housing sold in Toronto increased by 16.9% compared with the same period last year.Please Visit: Langstaff Gateway Condos prices to Get Your VVIP Registration Today!
The following August, the price of second-hand housing sold in Toronto rose by 20.1% compared with the same period last year, and the increase continued to expand, in total defiance of the epidemic. I checked some local media analysis and found that the reasons for the rise in house prices against the epidemic were attributed to rising construction costs; speculation by new immigrants and non-residents; low interest rates; the refusal of baby boomers to sell houses; the number of new homes completed was lower than the number of new immigrants; property investors were active; and more companies were attracted to Toronto.
It can be seen that many reasons are platitudes, whether there is an epidemic or not, so it can not explain the real and deep-seated reasons why house prices still rebound when the epidemic is not under control.
Ontario launched a non-resident property speculation tax NRST on April 20, 2017, on the grounds that non-residents are speculating in Canada, and the worst-hit area is the Greater Toronto area. The federal government immediately allocated $500000 to the Bureau of Statistics, and the results of the special survey came out in November 2017, because the results disappointed the government, just as the United States did not find weapons of mass destruction in Iraq. The proportion of non-residents owning property in the Greater Toronto area is only 3.4%. If only 3.4 of the 100 houses are owned by foreigners, how could these foreigners drive up the price of the remaining 96.6 houses?
Since then, no one has mentioned the idea that non-residents have speculated on high housing prices, but the NRST of property speculation tax for non-residents is still there. The epidemic once again proves that most of the non-residents who work and study in Toronto for a short period of time live in rented houses and live more centrally in the lower Toronto city of down town, which is close to their schools or jobs. Judging from the plunge in rents in the region over the past few months, non-residents have been blocked from entering outside Canada, dealing a heavy blow to the rental market. The property prices of downtown down town have not plunged as much as rents, which also shows that non-residents have little impact on housing prices and have a great impact on rents.