Forma Condos Great Gulf.Why are house prices rising again in Ontario, Canada? The latest real estate report this month predicts that property prices in Toronto will rise by 6% next year.Please Visit: Forma Condos Great Gulf to Get Your VVIP Registration Today!
In most areas, property prices in Oakville, Missouri Saga and Binton will rise by 5% next year, while those in Duhan will rise by 3%.
Property prices will also rise in other markets in the province, including:
House prices in London will rise by only 5% next year.
The Niagara area, where house prices rose 13% between 2018 and 2019, is expected to slow to about 7% next year.
Ottawa has increased from 6% to 11.7% next year.
The average price of a Windsor house was originally expected to rise to 11% from 9% next year.
Why will house prices rise in many cities in Ontario next year? It can also be said that this is determined by the population (immigration).
The demand for housing depends on wealthy new immigrants, who can say that this is not a lasting model of real estate development. This kind of increase in housing purchases by immigrants is not only for first-time immigrants to Canada, but also for many new immigrants within Canada.
A total of 81200 families in Canada’s BC province were forced to leave their homes and move to unfamiliar provinces and cities in 2018, with a large number of hard-working “middle class” disappearing from BC province, Statistics Canada reported.
Statistics Canada said in a report that moving is a tradition of Canadian life, but not forced to move. A total of 330800 families in Canada were forced to move in 2018, while BC province, which accounts for 10 per cent of the Canadian population, accounted for 24.9 per cent of families forced to move.
So Statistics Canada believes that BC is the region with the worst expulsion of “middle-class” families in Canada.
According to statistics, the vast majority of the 81200 families forced to leave BC province have moved to Ontario for settlement.
Statistics Canada explained that most of the evicted families are not really poor. Some of them already own property, some rent in good houses, and some are trying to pay for their homes.
Not only the housing price is high, but also the rapid rise in rents makes it difficult for many middle-class families to afford.
The increase in rent is not as simple as the increase in rent by the landlord, and the increase in related taxes and fees will eventually be transferred to the tenants. Take premiums as an example, apartment owners throughout BC province will be notified of a premium increase of as little as 50% to as high as 300%. The deductible has also been increased from C $1-25000 to C $10-500000. This means that the increase in insurance premiums for a 10-year apartment will increase the management fee per household by an average of C $3000, which translates to C $250 a month, which will eventually be reflected in the rent.
If landlords continue to let the property, the rent will rise by about 30% without increasing income and doubling the risk.
Of course, if the tenant signs a formal lease to renew the lease, the landlord can only increase the rent in accordance with the ceiling of rent increase set by the BC provincial government, and the loss of skyrocketing premiums can only be borne by the landlord alone. But if it’s a new tenant, a new lease, it’s a different story. I am afraid that the owners will transfer most or all of the pressure to the tenants.
It is expected that there will be a wave of evictions in Dawen after 2020, and the landlords will try their best to break the lease and then reopen the business.
While tenants’ income obviously cannot beat the higher and higher house prices and the annual rent growth rate far exceeds that of CPI, so some people choose to sell their houses that have appreciated a lot and choose to settle in Ontario, because the proportion of people who choose Ontario, which has a higher income and lower cost of living, will also be very high.
