REAL ESTATE STILL HOT TOPIC IN CANADA

June 19, 2017leocunanan 2,Canada, 5,Life In Canada, Life In Canada, New Immigrants, News0

REAL ESTATE STILL HOT TOPIC IN CANADA

Speculators, paper flipping and foreign investors are the new norm in real estate, while home seekers are being shut out. Real estate is still out-of-control in the country. Local/domestic buyers are moving farther and farther away in Toronto and Vancouver downtown areas until they can find a home that they afford.

The average selling price for all homes in Greater Toronto are surged to a 33% rise from the year before. In 2017, prices are up by 19%. A simple semi-detached house in the city is now worth more than $1 million. Prices are growing even faster in the surrounding suburbs. The same applies in Metro Vancouver, sometimes even more.

Canada is deeply reliant on real estate. The industry accounts to over 12% of its gross domestic product. In Alberta, a recession and a 9% unemployment rate did damage house prices in Calgary and Edmonton. The steadily raising prices have convinced many Canadians that owning a home is a good, stable investment. Canadian culture value home ownership as a stepping stone to adulthood.