With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signaling a big drop in prices in the coming months. In Toronto, a city where two-thirds of the country's condominiums are sold, considered a bellwether for other big metropolitan areas, inventories have pushed past highs reached 10 years ago, data showed. Rising inventories with anemic sales show a high degree of stress in Canada's biggest property market, real estate consultants said.
At the same time, many are also reluctant to lower asking prices and book losses on their investment, he said, at least for now.
“There’s just limited willingness to lose money,” said Daniel Foch, director of economic research at RARE Real Estate. “It seems like nobody has really adjusted their expectations to a market in which they aren’t going to make a profit,” he said.
I’m a dual citizen with a lot of family in Canada. When I lived there, there was tons of homes owned by foreign investors especially the Chinese. Has Canada done anything yet about that?
This was my old house in Canada. My neighbors were pretty much all Chinese and I never saw them even live in their houses. Can’t imagine what the more affordable housing is like
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Oh no, won’t they think of those poor investors!
Butbutbut muh jackpot?!
I’m a dual citizen with a lot of family in Canada. When I lived there, there was tons of homes owned by foreign investors especially the Chinese. Has Canada done anything yet about that?
Don’t be a bigot! Obviously nothing has been tho
Well I think they do better AML checks but that’s just performative.
Volume is down more so due to frostier relationship.
https://themash.ca/realestategossip/2011/12/19-awesome-again-lane.html
This was my old house in Canada. My neighbors were pretty much all Chinese and I never saw them even live in their houses. Can’t imagine what the more affordable housing is like
Yes. When I purchased my new home last year my wife could not be on the title because she is American.
Thanks what I’ll tell my wife too 😉