Only 3,200 homes have been left unsold or unsold in Toronto, Canada’s largest city of more than 6.5 million people.
This is perfectly normal, considering that at least 121,000 homes were sold in 2021, a number that has increased by 28% compared to 2020.
The increase in sales in the real estate market is largely due to the policy of low interest rates of the central bank, which “forces” investors to seek profit on real estate.
According to available data, the average sale price of a home in Toronto last year stood at C $ 1.1 million, or about $ 860,000, up 18% from 2020.
All of this, of course, raises reasonable concerns about the rising cost of housing in the city, which absorbs much of the household’s annual income, whether it is renting or buying.
In an effort to defuse pressure, Toronto local authorities have imposed additional taxes on foreign property buyers, and Prime Minister Justin Trinto himself has pledged to take immediate action.
But the real problem, analysts say, is the mismatch between population growth and the rate at which new homes are being built, which could lead to a nationwide real estate shortage.
moneyreview
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