Festival condos floor plan.Vancouver house prices are completely crazy! Since 2022, the average price of resale homes in Canada has hit an all-time high, completely crushing major cities in the United States.Please Visit: Festival condos floor plan to Get Your VVIP Registration Today!
In January 2020, the average resale price in Canada was C $504350. In January 2022, our average price was C $748439, in other words, house prices increased by 48.4% in 24 months.
However, as house prices rise, will there be more people selling houses? No.
MLS’s monthly report on home sales has repeatedly stressed that at a time of strong demand, the number of homes for sale is at an all-time low.
Now, no one is willing to sell the house.
If the house price will be higher in a month, why sell it now? And if you sell it, where can you move to?
It is conceivable that for most rigid demand buyers, interest rate hikes and inflation are not a big deal, they are only afraid that they will not be able to buy a house.
You must be wondering, how could Canada, the top three countries in the world, have no land?
You only know one, not the other.
Although Canada has a total area of about 10 million square kilometers, you should know that most parts of Canada are cold and it is difficult for human beings to survive.
Most Canadians are concentrated in a few big cities not far from the border of the United States.
The land supply of these cities, facing great population pressure, is nearing its limit.
Canada is one of the developed countries with relatively loose immigration policies. For example, even under the global epidemic, the Canadian border is still relaxed, and you can easily get in. Between 2015 and 2020, Ontario, Canada increased its immigrant population by nearly one million.
The slow release of inventories in the property market, the lack of government housing supply to keep up with population growth, and the stimulus of monetary easing credit have caused house prices in many parts of Ontario to rise by more than 30-50%. The surge in house prices has brought Canada into the era of real estate speculation.