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The same is true of the Chinese. Even if they emigrate overseas, they will still consider buying a house if they have the conditions. Owning one’s own house can be said to be the lifelong pursuit of many people.
According to Statistics Canada, the home ownership rate of the Canadian population is 73%. Most houses for the elderly own houses, and the ownership rate is as high as 78%.
According to race, 74% of South Asian families own housing, while the proportion of the Chinese population is as high as 85%.
Overall, 9% of Canadian residents (tenants and landlords) live in properties considered to be in poor conditions, or they pay more than 30% of their pre-tax income.
More than 1/4 of renters spend more than 30 per cent of their total income on housing. A high proportion of elderly people who rent houses spend more than 30% of their income.
2021 is not over yet, but more than 580000 homes in Canada have changed hands this year, breaking the record for annual sales.
According to data released by the Canadian Real Estate Association (CREA), which represents national real estate agents, the average house price in October was C $716,585, an increase of 18.2% over the same period last year.
Since the COVID-19 epidemic, average house prices in Canada are now 33% higher than they were before the outbreak, while rents began to rise again after a brief downturn last year.
Today, the average price of a house is $686650, according to the Canadian Real Estate Association (CREA). In Ontario, the average price jumped to $887290, while in British Columbia, it was $913471.
As soon as the new house for sale information is published, buyers rush to buy it, and house prices rise with it.
Analysts believe that the reasons for the rise in house prices include the low interest rates of the Bank of Canada, various government subsidies and the increase in savings of some households due to the decline in consumption during the epidemic.
However, the possibility that the housing market is facing a cooling still exists.
Dave McCleme, governor of the Bank of Canada, said the central bank was “getting closer” to raising interest rates as the economy recovered and inflation exceeded expectations.
Parents are willing to subsidize their children to buy a house.
A recent report by IG Private Wealth Management shows that wealthy Canadian families with at least 1 million yuan of investable assets are shifting their focus on financial matters.
They not only focus on their children now, but also consider the problems they will face in the future to help lighten the financial burden. This includes giving each child an average of 145,000 yuan to buy a first suite.