yonge city square condos floor plans.The total value of housing in Canada is more than three times GDP. According to the latest data from Statistics Canada, the total value of housing in the country reached 6.1 trillion US dollars in 2020, an increase of 2.5 per cent over the previous year.Please Visit: yonge city square condos floor plans to Get Your VVIP Registration Today!
The report says the growth rate of Canadian housing far outpaces economic growth. In fact, the value of housing in Canada exceeds 300% of the country’s gross domestic product.
By contrast, the value of US housing over the same period was only 170 per cent of GDP. ” “although US real estate is expensive, the value of house prices relative to the Canadian economy is almost half that of Canada.”
The data also show that 46.6% of residential real estate values in Canada are in Ontario. In 2020, the province had $2.8 trillion in residential property, an increase of 6.1 per cent over 2019.
It is worth noting that Ontario has more than 38% of the country’s population and Toronto, the second most expensive city in the country.
In October, the median house price in Toronto reached 1265000 yuan, up 1/3 from the same period in 2020. Average house prices have also soared, rising 28% since October 2020 to a new high of 1455088 yuan.
As prices soar across the market, the number of newly listed companies continues to decline, intensifying competition and rising real estate prices. In October, the number of new listings in Toronto fell 33% from a year earlier.
By the end of the month, there were only 3687 homes on the market, down 56 per cent from last year’s level. In a typical year, there are usually more than 12000 homes on the market in October, according to the report.
Although the listing of the Toronto condo market is stronger, the number of apartments for sale is still down sharply, by 36 per cent, compared with 2020.
Compared with last year, the number of active condominiums fell by 54% at the end of this month. However, the average condo price in Toronto has risen sharply, up 15 per cent from $730726 in October.
By contrast, British Columbia is the most expensive city in Canada, accounting for 13% of the Canadian population and 23.5% of the value of Canadian homes. The estimated value of the province in 2020 was $1.4 trillion, actually 4.2 per cent lower than the previous year.
Residential real estate in Quebec is worth about $910 billion, followed by Alberta with $600 billion. Manitoba and Saskatchewan have US $120 billion and US $110 billion respectively. Nova Scotia, Newfoundland, New Brunswick and Prince Edward Island have $80 billion or less.