33 yorkville condos location . High prices in the Canadian property market. Over the past few years, starting from Seattle and San Francisco in the United States, and then through London to Sydney, Australia, house prices have been rising in every big city.Please Visit: 33 yorkville condos location to Get Your VVIP Registration Today!
For example, Vancouver and Toronto in Canada have also experienced dauntingly high house prices, with average prices rising by 30% a year, while the weak Canadian dollar, low interest rates and rush buying by foreign buyers have caused house prices to soar since the summer of 2016, but now things are changing.
The most obvious change in this transformation is that since 2016, the world economy has entered a new inflection point, which is a 180-degree turn in the process of globalization in the 60 years after the war, called reverse globalization, thus changing the global allocation of resources. at the beginning of this reversal, Brexit was the first black swan, while in recent years the US economic initiative was the second black swan to fly on the world economic stage.
Anti-globalization means that the threshold for the flow of capital, labor and technology has been raised, which means that cities such as the United States, Canada and Australia, which are the first to benefit from economic globalization, will be the hardest hit. The asset prices represented by its high house prices are likely to suffer a long-term downturn or enter the “frozen zone” of property transactions, or even the rupture of high-valued asset prices. All the factors that used to be good for house prices in these cities are disappearing, the end of an era of “printed high house prices”, while Vancouver and Toronto are pioneers, taking the Toronto property market as an example. the city has fallen from No. 1 to No. 137 in the global housing rankings.
Last year, UBS warned that Vancouver, Canada, faced the biggest risk of a property bubble. According to a recent report by Canadian media HuffingtonPost, home sales in Vancouver in November recorded their lowest level since the subprime mortgage crisis in the US housing market in 2008, with some analysts warning that the market could be worse than a mild correction.
Stephen Brown, a senior Canadian economist, said housing prices in Vancouver were overvalued and there were obvious signs of oversupply in the next few years. According to data released by the Greater Vancouver Real Estate Board (REBGV), house prices fell further in November due to falling sales and increased inventories. Vancouver independent housing prices fell 8.5% in November from a year earlier, the biggest decline since the end of 2009. And this big loss may be far from over.