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“if you live in Vancouver, you will find it difficult to enter the real estate market, as well as for the next generation,” Morno said at the Innovation Summit hosted by the Economist in Toronto on Wednesday. ”
Mr Morno said he was studying whether the entry of foreign buyers was the main reason for high property prices and was reviewing whether necessary restrictions were needed.
Morno raised down payments on property purchases in places such as Vancouver and Toronto last year, but the effect of such measures appears to be limited. The Vancouver Real Estate Association predicted on June 2 that property prices in the city are expected to jump 25 per cent this year, while data from May showed that the average price of detached houses in Vancouver had soared 37 per cent year-on-year to C $1.5 million.
Morno revealed in an interview that it is not clear when the government will take further measures on the real estate market.
On the Canadian economic side, Mr Morno said the government had a “good balance sheet” and relatively low debt levels, even if economic growth was hampered. At the same time, he pointed out that there is “not much way out” for monetary policy and that he will not interfere with the interest rate decision of the Bank of Canada.
Domestic real estate enterprises will face many risks when they invest abroad, such as market risk, policy risk, exchange rate risk, cultural risk and so on, and policy risk has become the largest and most obvious interference in overseas market investment this year. For investors, that is, property buyers, once they realize that there is a change in policy or any changes in the wind, it is inevitable to scale back their investment or invest cautiously, and the impact on this market can be imagined.
For real estate companies that invest overseas from the very beginning, the loss goes without saying. However, if we continue to dig deep into overseas markets, we should be on guard against the risks brought about by the increase in the threshold of various policies for immigrants in overseas markets.