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The Canadian Real Estate Association said sales were also strong, with November sales up 0.6 per cent from October.
Typically, property market activity peaks in the spring, then declines in summer and autumn, and slows further in winter, which is supposed to be off-season.
But this traditional trend was broken in 2021 because this year’s sales have already broken the previous annual sales record in the last two months.
In addition, according to the latest survey by real estate company Royal LePage, house prices in Canada as a whole rose 21.4% in 2021 and will continue to rise 10.5% next year, with even bigger increases in Toronto, Vancouver and Halifax.
Phil Soper, President and CEO of Royal LePage, said in a statement: “although some people think that current Canadian housing prices are overvalued, all indications are that demand still exceeds supply, so house prices will continue to rise sharply.
Soper says there are many reasons for the strong demand, such as increased immigration, telecommuting, low interest rates, and people saving more money because of the epidemic’s inability to travel or fewer recreational programs.
The report also said that the Greater Mongolia region is expected to grow by 8% in 2022, and that demand for apartments will pick up. This is because the price of detached houses has exceeded the affordability of some buyers, so these buyers will have to choose apartments.
Canadians are out of breath after soaring house prices during the epidemic, and finding a house has become an ordeal. Recently, an Ontario couple complained that every time they took a fancy to a house at the right price, they couldn’t buy it at the original price, and almost always had to add 10-20w Canadian dollars to buy it, let alone a counteroffer.