yonge city square condos.The house price bubble is the first in the world! Canada has always taken the lead in restrictions on foreign buyers.Please Visit: yonge city square condos to Get Your VVIP Registration Today!
Ontario, where Toronto and Ottawa are located, raised the non-resident speculative tax (foreign buyer tax) from 15% to 20% in march. In October, it rose to 25%.
Toronto also introduced a vacancy tax on housing, and the Vancouver area also imposed a foreign buyer tax of about 20%.
The tax cost of foreign buyers is much higher.
Now, just do it across the board. Foreigners can’t even buy it.
China’s purchase restrictions have finally been understood by Canadians.
The goal is the same: to limit speculative capital and cool the property market.
Canada has long believed that the surge in house prices is mainly due to the influx of foreign buyers, especially in several big cities-Toronto and Vancouver, where speculative capital from foreign buyers has pushed up prices.
House prices across Canada have fallen only two times since 2005, and have risen the rest of the time.
Canadian house prices have more than quadrupled in the 17 years to the January 2022 peak. The average price of a complete home has risen from C $200000 to more than C $800000.
The raising of the threshold for buying a house has directly shut out many young people.
The increase in house prices in the core cities is even more alarming.
The entire Greater Toronto area (Greater Toronto) rose from C $310000 in 2005 to a peak of C $1.33 million in 2022, an increase of 330% in 17 years.
Even during the 2022 downturn, house prices in the core city of Toronto rose by 17%.
The Greater Vancouver area (Greater Vancouver), the favorite of Chinese, rose from C $350000 in 2005 to a peak of C $1.26 million in 2022, an increase of 257% in 17 years.
As a result, Canada has become one of the countries with the highest house price bubbles in the world.
Not even one.
Of the 25 cities counted by UBS, 9 are on the verge of bursting the real estate bubble.
Among them, Toronto ranks first, and the risk index of 2.24 far exceeds the warning line of 1.5. Vancouver, another Canadian city, also ranked sixth.
Toronto has never dropped out of the top three, ranked third in 2020, second in 2021, and jumped to first place this year.