festival condos prices.House prices in Canada are soaring. Data released by the National Bank of Canada, Canada’s sixth largest commercial bank, showed that the annual composite house price index rose 2% in July from the previous month, the second largest increase in its history since it began statistics in 1999.Please Visit: festival condos prices to Get Your VVIP Registration Today!
The Canadian real estate market has been effectively supported since the global financial crisis, one of the important reasons is the relatively low borrowing costs. However, there is a serious divergence in the Canadian real estate market, with prices in the crude oil province continuing to decline, while prices in places such as Toronto and Vancouver are rising.
It is worth noting that the Greater Vancouver area is imposing an additional 15 per cent property tax on overseas buyers in an attempt to “cool” the property market. Some economists, including Bank of Canada Governor Borroz, have previously hinted that overseas buyers may be the main force driving up house prices.
Under the influence of taxes, although house prices in Vancouver have recently hit record highs, sales fell 19 per cent in July from a year earlier. Some people think that this is the B.C. The direct effect of the 15% additional property tax for overseas buyers launched in July. However, Mark Picenot, senior economist at the National Bank of Canada, pointed out that supply is still unable to fully meet demand, coupled with strong local employment growth, these two factors will continue to push up local house prices, “this is not just the so-called story of overseas capital inflows.”