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In terms of new property sales, the sales of uncompleted flats in 2014 are still in full swing. Several newly opened uncompleted houses north of Toronto have sparked a spectacle of queues waiting day and night to get their names. Several apartment developments launched in the city center have met the expected sales plans and exceeded the developers’ targets. All this confirms predictions of a continued rise in new home prices and sales in early 2014.
However, the high rush degree of new property sales also shows from the side that, in fact, investors and the public are alike, they are skeptical about whether the second-hand housing market can continue to rise, and they do not know whether they are close to the peak of second-hand buildings. It is better to sell those uncompleted flats that buy from the original price and can enjoy the fruits of appreciation as long as the physical housing is completed. In the absence of too many sound investment channels, putting money into the housing market is still the best investment choice for most people.
According to a recent forecast released by the Canadian Real Estate Association on the development of the overall Canadian real estate market in 2015, overall Canadian house prices are expected to grow by 0.7% in 2015, but sales will decline slightly by about 0.4%. Overall, the housing market still tends to develop in a balanced manner in 2015. For the current situation, the chance that house prices will fall in 2015 is close to zero, as long as it can be maintained, it is the best situation for those who want to catch the last bus. But after all, forecasting is only a prediction, and the real situation remains to be determined by practical factors. The following factors are very helpful as important references for studying the trend of the housing market in Toronto in 2015.
As we all know, it is because the mortgage interest rates in Canada have been kept at the lowest level in recent years, which triggered the warm effect of the general public and investors at home and abroad entering the Canadian real estate market one after another. Although there have been one after another sharp increase in mortgage interest rates in the past two years, it did not really happen in the end, and the slight increase was also within the acceptable range of home buyers, so it did not have much impact on the housing market. However, at the same time, house prices did not remain above the same level.
Of course, the Canadian government has always been known for its “concern for people’s livelihood”. In order to ensure that it will not repeat the mistakes of the mortgage crisis in the United States, the government will continue to intervene in the devastating blow caused by housing loans to the housing market. However, the public should also understand that the government also knows that “paper cannot contain fire” and that house prices cannot rise indefinitely no matter how high they are. at present, house prices in Canada are only because they are low compared with other countries and regions that are also international metropolises. There has been a sustained and substantial rise, and to a certain extent, a balance should be achieved, so as to avoid the danger of people being overindebted in an economic downturn. Housing loan can be said to be the most powerful tool for the state to restrain house prices. If the country really thinks that housing prices can no longer be maliciously raised, the regulation of housing loans will inevitably be introduced.
However, the central bank is not expected to have the conditions to raise interest rates until at least October 2015, according to an earlier analysis by analysts at Lishi Securities at BMO Bank. Indeed, the mortgage market has never existed in isolation. It is directly related to the overall economic development of Canada, as well as the housing market and the job market. At present, the fall in oil prices and the continued depreciation of the Canadian dollar against the US dollar have brought instability to the Canadian economy. According to recent figures released by the Bank of Canada, nearly 1 million people can only find part-time jobs, indicating that Canada’s economy is sluggish and will curb inflation. So, at this level, there is no doubt that mortgage rates can remain low throughout 2015.
