Leftbank condos price list. Should I buy a house when I have lived in Canada for many years? In Canada, we never seem to talk about a topic, that is, housing prices.Please Visit: Leftbank condos price list to Get Your VVIP Registration Today!
Our house prices seem to be some strange existence that can violate the law of gravity. What do you mean? We can hardly see a decline in house prices. Remember when CMHC warned at the start of the epidemic that Canada’s real estate market would collapse by 18%? Almost nothing happened, and CMHC officials even had to apologize.
In the public forums on the real estate market, there are always two voices, one will tell people to buy a house as soon as possible, because prices will continue to rise, and the other will always tell everyone that the real estate market has peaked and the collapse is just around the corner. The lesson of the last 30 years is that most of the time, the latter voice is laughed at and the listener repents.
Historically, there was a real estate frenzy in Canada in the late 1980s, followed by a collapse in the early 1990s. The extent of this collapse is very large, and there is a phenomenon of halving house prices in some high-price areas.
The cause of this phenomenon is believed to be hyperinflation in the 1980s, which forced the Bank of Canada to take extreme measures to raise mortgage rates as high as 21.75% (fixed interest rate for five years). This is a credit card level interest rate, which is equivalent to buying a house with your credit card now. Can you imagine? ).
This mythical interest rate, coupled with a series of simultaneous crises at that time, including Quebec’s demand for independence, the Great Depression of the 1990s, high national debt and deficits, the sharp rise in oil prices caused by the Gulf War, and so on, led to the collapse of house prices in the early 1990s.
After the adjustment throughout the 1990s, there has been a long-term boom in Canadian real estate in the 21st century. So far, there is no sign of recession. The 20-year boom, known as the Canadian real estate bubble, has been rising steadily at an average annual rate of 5 per cent, except for a brief price decline of about 3 per cent during the 2008 financial crisis.
In fact, real estate prices have risen much faster in populated areas such as Toronto, Vancouver and Calgary. In 2017, average real estate prices in Toronto rose 33%; since 2000, prices in Vancouver have risen more than twice as fast as those in New York. Among them, the average selling price of detached houses has more than quadrupled from 400000 at the beginning of this century to 1.7 million today.