Bravo festival condos review. How exaggerated is the Canadian property market? The house price is 50% higher than that of the United States next door. The average selling price of new homes in Canada in April is 51.8% higher than that in the United States.Please Visit: Bravo festival condos review to Get Your VVIP Registration Today!
In the same period last year, the average price of a new house in Canada was only 36% higher than that in the United States. If you take into account the differences in economic conditions between the two countries, the gap in house prices is even more unreasonable.
Although there is no convincing evidence from Canadian officials on how much role Chinese buyers have played, Canadian officials said in a central bank report that demand from foreigners “does drive up house prices. This has led to a rise in home loans”; but Canadian house prices are indeed rising at a rate visible to the naked eye.
B.C. Ontario, where the provinces and Toronto are located, has seen the fastest growth in house prices. House prices in the Greater Vancouver area increased by 30% year-on-year, while those in the Greater Toronto area increased by 14%. (the trend of house prices in three major regions of Canada from January 2012 to April 2016, the red curve is B.C. Provinces and Ontario).
Vancouver is the sixth most expensive city in the world, according to a ranking based on the “price-to-income ratio” released by US economic consulting firm Longview Economics on Sept. 15, foreign media CNBC reported.
If you take a closer look at the trend in recent years, you will find that house prices in Vancouver always had ups and downs and remained roughly stable until 2016, but suddenly began to soar since 2016!
The government has to step in to control. Since Aug. 2, Canada’s BC province has imposed an additional 15 per cent housing transfer tax (property transfer tax) on overseas real estate investors, which is limited to the Greater Vancouver area, which has the largest number of foreign investors in BC province and Canada as a whole.
The effect of the “exclusion tax” was immediate. According to previous reports on Wall Street, house prices in Vancouver, which had risen for the 18th month in a row (2.3% in July), fell 20.7% in mid-August, according to Wall Street. In the first two weeks of August, property sales in the greater Vancouver area fell 85%.
The average house price in Vancouver fell to C $1.47 million (US $1.13 million) two weeks ago, the lowest level since September 2015, media reported Monday.