33 yorkville condos . House prices in Canada exceed those in the United States by 40%. How many new homes in Vancouver, Toronto and Montreal have been sold to foreigners.Please Visit: 33 yorkville condos to Get Your VVIP Registration Today!
Preliminary results are expected in November this year. In addition, the government has also conducted consultations on foreign buyers with developers, data providers, industry associations, intermediaries and lawyers in the three regions, which are currently in the final stage.
Since 2006, Canadian house prices have rapidly overtaken those of the United States in a short period of ten years. Sal Guatieri, a senior economist at the Bank of Montreal of Canada (BMO), pointed out in a report earlier this month that recently, for the first time in history, average property prices in Canada exceeded C $500000 per house, or about $380000, compared with an average price of about $270000 per house in the United States in March. The former is 40 per cent higher than the latter.
Housing prices in Canada hit another record high in April, according to data released by the Canadian Real Estate Association (CREA). The average price increased by 13.1% over the same period last year, especially in Vancouver and Toronto, where house prices have risen for months in a row. But excluding the two cities, average property prices across Canada still rose 8.7% in April from a year earlier. The data also show that in April this year, compared with April last year, house prices in the greater Vancouver area rose 25.3%, and those in the greater Toronto area rose 12.6%.
Insiders at RE/MAX, Canada’s largest real estate brokerage market share, told the 21st Century Business Herald that the company conservatively estimated that Chinese buyers’ transactions in Canada reached $15 billion in 2014 (more than 90 billion yuan at exchange rates) and more in 2015. Chinese buyers invested 12.7 billion Canadian dollars (64 billion yuan) in the Vancouver property market in 2015, accounting for 33 percent of the city’s total, according to Peter Routledge, an economist at the National Bank of Canada. He estimates that in Toronto the figure is 9 billion Canadian dollars (45.4 billion yuan), or 14% of total sales.
The Canadian Mortgage and Housing Corporation, the official agency, told the 21st Century Business Herald that it is conducting a survey on foreign home purchases, including an investigation into how many new homes have been sold to foreigners in Vancouver, Toronto and Montreal.