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Vancouver was once one of the hottest property markets in the world. For now, however, the hottest real estate market in Canada is Toronto. The latest figures show that the average house price in Toronto rose by the largest monthly rate in March this year since February 1989.
According to statistics, Canadian real estate absorbed about $93 billion of investment from China from 2010 to 2015, according to Accordson Consulting. Vancouver absorbed 72 per cent of all plus property investment in the first quarter of last year, according to CBRE.
After 2008, residential real estate investment as a share of GDP in the United States continued to rise, as did Canada. Today, residential real estate investment in Canada accounts for 7.7 per cent of GDP.
In Canada’s best provinces, including British Columbia and Ontario, 40% of economic growth comes from real estate and related financing.
The hottest is the Vancouver real estate market. UBS Bank of Switzerland, a world-famous bank, pointed out that prices in the Vancouver real estate market have been inflated since 2007.
In January 2016, the average home price in the Greater Vancouver area reached C $1.04 million. Because the market is overheated, Vancouver has to step in and impose a 15% real estate transfer tax on foreign citizens who buy houses. From mid-2016, Vancouver house prices began to go down.
However, after a lapse of nine months, house prices in Vancouver will “soar” again.
In April, average home prices in greater Vancouver, Canada’s most expensive real estate market, rose 11.4% year-on-year to C $941100, according to the Greater Vancouver Real Estate Bureau.
By category, apartment prices in this area rose the fastest, rising 16.6% from a year earlier, while jumping 3.1% from a month earlier to C $554100; the average price of a multi-family house rose 15.3% from a year earlier, up 2.4% from a month earlier to C $701800; the average price of detached houses rose 8.1% year-on-year, 1.8% from a month earlier to C $1516500.
So far, single-family home prices are close to last year’s highs, with joint house and apartment prices hitting record highs.
In other words, 15% of foreign property taxes only curb the pace of property transfers. As sellers wait for more aggressive buyers to emerge, there is already a new wave of buyers who don’t care about the 15% property tax.
Jill Oudil, chairman of the Greater Vancouver Real Estate Bureau, said in a report that in the apartment and urban housing markets, demand has been growing for several months in a row, but supply has failed to keep pace with demand. “this imbalance is stimulating prices.”
