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The Act is implemented for two years and applies to foreign companies and individuals who are not Canadian citizens or permanent residents, including direct and indirect purchases.
After the rise in house prices in 2020-2021, the Canadian government finally began to lift the table regardless of martial arts-directly banning foreigners from speculating in Canada.
From the historical data, over the past 20 years, Canadian house prices as a whole showed an upward trend, even after the 2008 subprime crisis, house prices returned to rise after a brief adjustment. After the outbreak of COVID-19 in 2020, Canadian house prices once again entered a rapidly rising range. During the period, Canadian house prices as a whole reached a year-on-year growth rate of about 12%.
According to the Canadian Real Estate Association (CREA), the average price of independent houses in Canada hit an all-time high this year, with the highest price reaching about C $816000 (4.149 million yuan), up 20.6% from a year earlier and more than double that of 2015.
Such house prices are about 50% higher than the average price of independent homes in the United States, a good neighbor of Canada.
The extent of Canada’s real estate bubble is among the highest in the world. According to BMO, Canadian house prices were overvalued by 76% in the first quarter of 2022, the biggest deviation in the past 40 years, and Canadian house prices ushered in a major bubble.
In addition, Toronto, Canada, ranked first in the world with a score of 2.24, while Vancouver, another Canadian city, ranked sixth, according to the global housing bubble index released by UBS UBS.
As we all know, Canada has one of the loosest immigration policies in the world. Because of its aging population and low birth rate, Canada needs more immigrants to maintain its economic development. With the continuous relaxation of immigration policy, more and more immigrants are flocking to Canadian cities.
According to the Canadian Immigration Department (IRCC), it has processed about 4.8 million immigration applications in 2022. In the first 11 months of 2022, Canada welcomed 414000 new immigrants, compared with 362000 in the same period last year. You know, the immigrant population in Canada reached 405000 last year, and this year Canada is expected to accept more than 431000 immigrants-an average of more than 1180 immigrants a day.
In addition, according to the Immigration level Plan 2023-2025 released by Immigration Canada, Canada will accept 1.45 million new immigrants in the next three years. Among them, 465000 immigrants are planned to be accepted in 2023.
From the perspective of immigrant cities, the areas with more immigrants also seem to be the “hardest hit” of house prices in Canada, such as:
Toronto is the most popular city for immigrants, accounting for 35% of all new immigrants in Canada, and Toronto has the highest housing bubble in Canada, followed by cities such as Vancouver, Montreal, Calgary and Edmonton.
In these cities, house prices in Canada are on the high side. According to the data, the average home price in Toronto is by far the highest, as high as C $921000, followed by Vancouver with an average price of C $878000.
