Langstaff Gateway Condos location.House prices in Canada are soaring. Overseas hot money has poured into the Canadian property market, pushing up house prices, which soared to the second largest in the world in terms of price-to-income ratio.Please Visit: Langstaff Gateway Condos location to Get Your VVIP Registration Today!
In recent years, overseas hot money has poured into the Canadian property market, pushing up house prices, which soared to the second largest in the world in terms of price-to-income ratio. In terms of rent-to-sales ratio, Canada has become one of the largest housing bubble markets in the world.
Among the most popular overseas home buyers in China, Canada ranks third. According to statistics, 50% of new houses in Toronto, Canada’s largest city, are bought by foreigners. In Vancouver and Toronto, 50% of apartment buildings are owned by foreign investors, and 15% of houses in Vancouver are vacant for a long time!
My colleague Mike is a handsome guy, born and raised in Canada, and a systems management engineer in my department, earning C $70,000 to C $80,000 a year, more than double the average income of his Canadian peers. Mike got married six years ago, then had a boy and a girl, and bought a big house three years ago. He lived a happy life and belonged to the typical North American middle class.
It turns out that house prices in Toronto have soared over the years, far exceeding the increase in local income. When Mike bought the house, the house price was already very high. In North America, house prices have remained between one and twice the average annual household income for many years, but when he bought a house, the price in Toronto was more than four times the couple’s annual income. According to North American living habits, children have to live in separate rooms when they grow up and enjoy their own independent space. Mike can only buy a big house. As a result, the balance between income and expenditure is tight, and as house prices rise, so does the property tax collected by the government. The worst part was that Mike’s wife was laid off a year ago and did not find a new job until six months later, but the salary was much lower than before, and the family income was reduced by a large chunk.
Come to think of it, Mike’s wife only earns enough to babysit, board and pocket money, while Mike takes home C $4000 a month after tax (in Canada, he earns more than C $70, 000 a year before tax and about C $50, 000 after tax, which is already a high-income group). Deduct several large expenses such as home loans, housing insurance, government rent, car loans and car insurance, plus travel, vacation and entertainment expenses. There is a shortfall of several hundred Canadian dollars every month, and we live beyond our means.
This is a very typical white family, life is step by step, go to school, get married, have children, then raise children, raise dogs, work, pay bills, listen to opera, watch movies, travel, lose weight, see a doctor, take medicine. In their view, life should be like this.
Mike said, you Chinese come here to buy a house and buy a second one, and if you buy two, you still want to buy three, or even four or five, and are bent on making money by speculating in houses. As soon as a new property market opens, 70% of the buyers are Chinese, and as soon as a second-hand house is listed, the Chinese scramble for it. Chinese people can not eat out, go to the cinema, go to the opera house, buy books, watch football games in the gymnasium, travel or go to the gym, and then wholeheartedly buy a house, even if they have no money. This is how house prices in Toronto have been pushed up by you! We can’t afford to live any more! My parents have retired and were going to spend their twilight years in their old house. as a result, the price of their house has also gone up, and the land rent has more than doubled, so they cannot make ends meet, so they can no longer stay in Toronto. I moved to London (a small town in Ontario, Canada), which made it inconvenient for me to visit them every time.
After listening to Mike’s biased emotional catharsis, I was very upset. I never thought that the image of us Chinese would be so bad in the impression of the local people. I wanted to retort immediately, but watching the normally gentle Mike blush and say such heavy words, he was obviously forced to do so. I swallowed my words back to my mouth and stopped there. Looking back and thinking about it, what Mike said was not groundless.
Over the past few years, as long as there is an influx of Chinese people to places, such as New York, San Francisco and Los Angeles in the United States; Vancouver and Toronto in Canada; Sydney and Melbourne in Australia, housing prices have risen with it. At a time when the global economy is in the doldrums, the Chinese are still snapping up houses, forming a “beautiful landscape”.