Yonge City Square Residences.Why the epidemic does not affect the fundamentals of the Canadian real estate market. It seems that the global COVID-19 epidemic has not been effectively controlled, and even in addition to Chinese mainland, other countries are still getting worse, and it has obviously had a considerable impact on the global economy.Please Visit: Yonge City Square Residences to Get Your VVIP Registration Today!
In the past, the most common overseas home buyers were those who emigrated overseas, those who studied abroad, those who pursued a high rate of return on investment, and even those who had the money to be capricious and purely used as holiday homes.
However, this incident has led us to discover an important value that has rarely been mentioned in the past-to be prepared in advance.
Recently, many customers who want to buy houses in Toronto have asked a very current question, novel coronavirus, will it affect Canadian real estate?
In response to this problem, I love Zhang Nan, general manager of my Ontario branch in Canada, and give my own opinion:
My personal opinion is that it must have an impact.
First of all, novel coronavirus is no longer a big trouble that only belongs to China. Japan, South Korea, India, Italy, Australia, the United States, Canada and other countries are all immune.
Under the influence of this epidemic, governments and people of various countries have made different official and private instinctive reactions to China. In some countries, Chinese are prohibited from entering the country, and there are even acts of beating Chinese and sabotaging Chinese restaurants.
By contrast, Canada immediately spoke out in support of China’s fight against the epidemic. It has donated 16 tons of materials to China free of charge, showing great love and tolerance to the virus carriers who have arrived in Canada. This makes the Chinese people and overseas Chinese living in Canada deeply feel the friendliness of Canada, and adds another tradeoff to those who are still applying for immigration and studying abroad.
In terms of the epidemic, more than 30 people have been diagnosed in Canada, of which 13 are infected in Toronto, the largest city. Although we all understand the seriousness of the virus, not many people really wear masks to go out, and the Government has not put forward a first-level alert, but only suggests that we should stock up some food in advance. On the whole, the impact of the current epidemic on our lives is limited.
Virus aside, the Toronto real estate market began to heat up after November last year and continues to this day, with transaction volume and house prices rising much faster than expected in just a few months.
In February, for example, sales in the Toronto market soared 45.6% in February compared with February 1919. At the same time, the price also rose 16.7% compared with February last year! The average price is 910000 Canadian dollars.
The immigrant population has greatly increased, the market funds are in place, the interest rates on bank loans have been reduced, and the market supply is insufficient, which has become the common situation in Canada, especially in Toronto, which is also the core reason for the continuous refresh of Toronto real estate market data.
