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Now Vancouver is again at the top of the list with high house prices in a survey of the most expensive cities in North America released by the Oxford Institute of Economics this month.
The housing affordability index report concluded that “housing affordability is deteriorating in almost all US and Canadian cities” in the second quarter of 2021. A typical Canadian house price is 35% higher than the borrowing capacity of middle-income families. In fact, the results show that “housing affordability in Canada has deteriorated more rapidly than in the United States.”
While the UK-based economic group expects house prices in Canada to stabilize, it expects rising mortgage rates to continue to hit affordability. Although the housing market has cooled somewhat, the problem of tight supply highlights, with listings in Toronto down 34% from September 2020 and Vancouver down 29.5%, leading to historically high prices.
The University of Oxford’s Canadian housing affordability index (based on affordability) rose five points in the second quarter, from 1.30 to 1.35, and by 10:00 in the past year. According to the survey, affordability deteriorated in eight of the nine Canadian cities in the Oxford Construction Index, with Vancouver having the highest affordability (up 6 points), followed by Montreal (up 5 points), Toronto (up 5 points), Ottawa (up 4 points) and Hamilton in Ontario (up 3 points). Although Montreal’s unaffordability has increased, it is not in the top 10 cities.
Oxford thinks its Canadian national index will rise by a further 10:00 to 1.45 by the second quarter of 2022.
Here are the housing statistics for September by city, from various real estate agents’ organizations:
Quebec City: sales increased by 29% over the second quarter of 2020, with single-family homes priced at 360840 yuan (the latest figures).
Montreal: sales in Montreal fell 28% last month because of a drop in the number of listings. The average price of a detached house is 607232 yuan.
Ottawa: compared with the same quarter in 2020, it climbed 16.3%, bringing the average price of all types of housing to 639900 yuan.
Toronto: in September 2021, the MLS home price index (HPI) composite benchmark rose 19.1 per cent from a year earlier. The total average selling price of all housing types rose 18.3% year-on-year to 1136280 yuan.
Hamilton: the average price in the Hamilton-Burlington area is 981678 yuan, and sales in the region are down 30% from the same period last year.
Winnipeg: in September 2021, the average price rose 3% to 339974 yuan, while sales fell 24%.
Edmonton: the benchmark price of MLS HPI in the greater Edmonton area is unchanged at 345200 yuan, up 5% from September 2020.
Calgary: as of September, the total benchmark price of housing was 457900 yuan, more than 8 per cent higher than last year.
Vancouver: the MLS HPI benchmark price of all houses in Dawen area is 1.1861 million yuan, up 13.8% from September 2020.
Of the 30 metropolises in North America, the Oxford report said houses in Vancouver, Boysie, Idaho, Toronto, Portland, Oregon, Hamilton, Las Vegas, San Jose and Los Angeles were the most prohibitive.
Oxford’s U. S. index rose three points to 0.77, with prices 23% lower than the borrowing capacity of median-income households. Affordability is expected to decline slightly, with the national index rising to 0.80 by the end of next year.