33 Yorkville condos . House prices nationwide rose 25% in the second quarter. Average house prices rose 25.3% year-on-year in the second quarter of this year, and prices are expected to rise 16% year-on-year in the fourth quarter.Please Visit: 33 Yorkville condos to Get Your VVIP Registration Today!
By the end of the year, housing demand is still expected to be oversupplied, which will further push up prices, although the increase will slow down from the peak in the second quarter.
In the report, the “composite price”, the median price of various types of housing to be included in the statistics, is used as a weighted average to compare the changes of housing prices in different regions in different periods.
Comprehensive housing prices nationwide reached 727000 yuan at the end of the second quarter of this year, up 25.3% over the same period last year. In the housing market in 62 major regions, 89% of house prices are growing in double digits year-on-year. The price increase was mainly driven by single-family detached houses, with the median price rising 27.1 per cent to 765000 yuan in the second quarter of this year compared with the same period a year earlier. The median price of co-managed Baiwen reached 525000 yuan, an annual increase of 11.7%.
By the end of the fourth quarter of this year, Royal Real Estate predicts that housing prices across the country will reach 771500 yuan, an increase of 16 percent over the same period last year. This is the result of raising the forecast for April this year, taking into account the sharp rise in home prices in the second quarter. Although house price growth is expected to slow from its peak in the second quarter, market demand is expected to remain strong in the second half of the year as international students begin to arrive, as new immigrants, investors return and epidemic restrictions are lifted.
As far as the Greater Toronto area is concerned, the composite price of all types of housing increased by 18.2% year-on-year in the second quarter to 1.035 million yuan. The median price of a single-family house soared 28.2% to 1.301 million yuan. The median price of Baiwen increased by 8.6% year-on-year to 630000 yuan. Specific to the city of Toronto, the comprehensive price of all kinds of housing increased by 8.3% year-on-year to 1.115 million yuan, of which the median price of a single family independent house reached 1.55 million yuan, an annual increase of 14.8%. Bowen’s median price reached 695000 yuan, an annual increase of 5.8 per cent.
The Toronto City Council is currently discussing a series of income-increasing measures, including raising the land transfer tax on houses with a transaction price of more than 2 million yuan.
Phil Soper, president and chief executive of Royal Real Estate, said that in a city where residents already have to pay two land transfer taxes to the provincial and municipal governments, any increase in the tax would worsen the shortage of housing inventory in the area.
“the land transfer tax restricts the free movement of people and industrial and commercial enterprises and has the ability to destroy the urban economy.” “an increase in the land transfer tax will prevent people from moving in search of a better quality of work and life, which could worsen Toronto’s already scarce housing supply,” Sopa said. “
The comprehensive price of all kinds of houses in the Greater Vancouver area increased by 19.6% year-on-year in the second quarter, reaching 1.2025 million yuan. The median price of a single-family house soared 24.9% to 1.625 million yuan. The median price of Baiwen increased by 9.4% year-on-year to 700000 yuan. Within the city of Vancouver, the comprehensive price of all kinds of housing increased by 11.5% year-on-year to 1.305 million yuan, of which the median price of a single family house reached 2.35 million yuan, an annual increase of 14.6%. Bowen’s median price reached 774000 yuan, an annual increase of 4.4 per cent. Royal real estate expects house prices in Wenshi to rise by 15% year-on-year by the end of the fourth quarter.