Yonge City Square buzzbuzz.House prices in Canada are soaring. Canadian house prices are still expected to rise by more than 10% this year, with the biggest increases in Toronto, Vancouver and Halifax.Please Visit: Yonge City Square buzzbuzz to Get Your VVIP Registration Today!
What is noteworthy is that there are many foreign buyers in the Canadian luxury property market. At the peak of the Vancouver luxury property market in 2015 and 2016, the media reported that 60% to 70% of the buyers were Chinese, so that the entire Chinese community was implicated and demonized, becoming the “culprit” of Canada’s metropolitan community to condemn the soaring housing prices. it has also become the main target for the Canadian government to crack down on house prices, such as the implementation of the “foreign buyer tax” and “vacancy tax” so far. The so-called “Chinese buyers” also include Chinese immigrants who do not often live in Canada. During the epidemic, Asians, especially Chinese, were subjected to racial discrimination and violent attacks.
However, due to the closure of the epidemic, news such as China’s much-hyped “Spring Festival real estate speculation group” and “National Day real estate speculation group” have ceased, and the argument that “the Chinese are driving up house prices” is no longer tenable. The low supply of housing and low interest rates have been recognized as the main reasons for the soaring house prices. As a result, the Chinese have partly washed away their demonized image in the past. This is the most positive harvest gained by the Chinese in this epidemic, and public opinion in the Chinese community also tends to settle old accounts, thinking that blaming the rise in house prices on the Chinese people is itself suspected of racial discrimination.
Canada has the largest increase in house prices among the seven western countries. Obviously, the changes brought about by the epidemic are the main factors for the rise in house prices, including ultra-low loan interest rates; working at home has created a huge demand for spacious independent houses in the suburbs; the original “moonlight clan” middle class has savings due to the sharp reduction in household consumption caused by the epidemic, and so on. The biggest reason for housing grab is the imbalance between supply and demand, with record low supply of commercial housing in places such as Vancouver and Toronto.
Originally, it was thought that this round of crazy house price increases occurred mainly in the middle and low price housing markets, because middle-class families were easy to sell and apply for loans. Unexpectedly, the luxury property market worth more than 4 million yuan also developed by leaps and bounds throughout 2021, breaking a number of records. Of course, this also reflects the widening gap between the rich and the poor in Canadian society. Even in the surge in house prices in Poga, the Chinese are still important beneficiaries. Because they are industrious and economical, they seldom spend money on luxury tourism, and the money saved likes to invest in real estate.