8 elm condos.It skyrocketed by 50% in two years. The housing problem has been going on in Canada for several years. As a country of immigrants, at least 300000 immigrants come to Canada every year.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
However, the supply of housing everywhere is subject to various factors, the growth is very slow, resulting in housing prices continue to rise.
Some foreign capital then entered the Canadian real estate market to invest and make a profit, further pushing up house prices and causing public dissatisfaction. People familiar with the matter said, “what needs to be restricted are those who have bought property in Canada but never come to live. They leave the house empty so that those who need to buy a house have no house to buy when there is a shortage.”
In the past two years alone, the standard house price in Canada has risen from C $563700 in January 2020 to C $869300 today. After the COVID-19 epidemic, the Canadian central bank slashed interest rates to ultra-low levels, and house prices continued to rise, with an overall increase of more than 50 per cent so far. Overall house prices in Ontario have tripled in the past decade, far exceeding income growth.
“I don’t think house prices will fall because of this,” said Simeon Papailias, founder of real estate investment firm REC Canada. Even if I think it does reduce some competition in the most competitive real estate market in Canadian history, I don’t think the two-year repair will have an impact on the underlying supply shortage. ”
Providing people with more affordable housing is one of the earlier campaign promises of the Federal Liberal Party led by Canadian Prime Minister Trudeau. The Liberal Party has also promised to impose a “foreign buyer tax” across the country to calm house prices.
Although the ruling Liberal Party has less than half of the seats in the current House of Representatives and belongs to a minority government, it reached an agreement with the New Democratic Party, one of the opposition parties, in late March and won the latter’s support on trust and budget issues. The Government’s Budget is expected to be passed without any serious problems.
