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More than a decade ago, the town of Aurora, north of Richmond City, was a very alternative choice in the eyes of Chinese property buyers, but today, more and more Chinese pay attention to local buildings. The price of a house in Aurora has soared like a rocket in the past two years. A broker familiar with the local real estate market said that a detached house, which sold for only 700000 yuan (Canadian dollars, the same below) two years ago, now costs 1.5 million yuan, which is astonishingly crazy.
To the general public, Aurora is only a small town north of Richmond City. There are neither large shopping malls nor tourist attractions. Many people do not even know the boundaries of Aurora, let alone local home ownership. So the Chinese who have gone to Aurora to buy property in the early years may be said by friends, “Oh, how can you buy a house so far?” However, today, we should admire the unique vision of these buyers and envy them that they have benefited from the hot housing market and their wealth has doubled at any time. According to the second-hand housing market report released by the Toronto Real Estate Association (TREB) in August, the average price of a detached house in Aurora is as high as 1.24 million yuan, a semi-detached house is 725000 yuan, and a town house is 621000 yuan.
Looking at the database of the Real Estate Association, in August 2014, the average price of a second-hand detached house in Aurora was only 714000 yuan, that of a semi-detached house was 490000 yuan, and that of a town house was 486000 yuan. Thus it can be seen that the price of independent houses in Aurora has appreciated by 74% in the past two years alone. Compared with the city of Richmond, another property in York, the price of a second-hand independent house rose by just 56% between August 2014 and August 2016.
April Sun, a Junan real estate agent who specializes in property transactions in the north, said that most of the first people to buy property in Aurora were immigrants from Europe, with fewer Chinese and other ethnic groups. As there are no large factories in the city, there are golf courses, lakes and parks everywhere, and the living environment is outstanding, attracting many rich people and social elites to buy a house there for a holiday, which can be said to be one of the luxury housing estates in the eyes of westerners.