festival condos for sale.Canada’s cancellation of investment immigration has caused repercussions. The news that the Canadian Federal Immigration Department will cancel investment immigration has aroused repercussions in the local Chinese real estate industry. The Chinese real estate agents interviewed all believe that this decision has a significant impact on the real estate market in the Greater Toronto area and is bound to cause a decline in house prices, especially in the high-priced luxury housing market.Please Visit: festival condos for sale to Get Your VVIP Registration Today!
In recent years, wealthy people in China have come to buy more property, making prices in the Greater Toronto area too high, especially in some so-called famous campuses, prices have been ridiculously high. It makes it impossible for locals, especially young people who are new to the market, to buy a house at all. It is now a good thing that the Immigration Department intends to close the door on those who have money and have no real contribution to the country.
When these very rich people are unable to come to Canada, it will certainly have an impact on the local real estate market, and house prices will fall and eventually fall back to normal levels. He believes that there will be some cooling in the overall real estate market, but prices will fall more sharply in some areas where Chinese are keen. He stressed that at present, the increase in house prices in areas sought after by Chinese is generally higher than that in areas where Chinese are not interested.
As for whether house prices will fall significantly in the short term, and how much, Li Jiongzhang said it is difficult to predict. However, he believes that while those overseas rich people withdraw from the local real estate market, local buyers will gradually enter the market because house prices are no longer frighteningly high, so the market will gradually become normal.
Canada will no longer absorb investment immigrants, and the local high-priced housing market will see a slight decline in transactions and falling prices, but it will not have too much impact on the market.
The order would have been placed that night, but in the evening, when the guests heard the news of the cancellation of investment immigration, they offered to suspend the order and wait and see if house prices would go down. So this is the market reaction. Because everyone thinks that if investment immigrants can no longer enter Canada, it is inevitable that the real estate market will be hit, and house prices will fall accordingly.
Those affected by the change in investment immigration policy should mainly be high-priced housing, while medium-and low-priced houses are mainly purchased by locals, so they will not be greatly affected. Even because many first-time buyers will enter the market because of the decline in house prices.