asian buyers play role in overheated canada housing market
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

Canadian Prime Minister Justin Trudeau:

Asian buyers play role in overheated Canada housing market

Arab Today, arab today

Arab Today, arab today Asian buyers play role in overheated Canada housing market

According to their respective real estate boards, Vancouver prices
Montreal - Arab Today

An influx of capital from Asia is partly to blame for soaring housing prices in Vancouver and Toronto, Canadian Prime Minister Justin Trudeau said Friday.

"We know that there is an awful lot of capital that left Asia in the past few years," Trudeau told Canada's public broadcaster CBC.

"Obviously overseas money coming in is playing a role" in Canada's housing affordability crisis, he said.

Economists are worried that real estate prices in the two metropolises have soared to record levels beyond what most Canadians can afford.

Both have recorded double-digit housing price increases year after year over most of the past decade.

According to their respective real estate boards, Vancouver prices climbed 30 percent in the 12 months ending May 31, while Toronto prices rose 16 percent.

There is a widespread perception that overseas investors and speculators are to blame, but there is no firm data supporting a link.

Trudeau provided no supporting data Friday to back up his remarks, although his government set aside funds to study the matter in the last budget released in March.

Canada's central bank governor and the Organization for Economic Cooperation and Development (OECD) both expressed concerns this month about the housing situation.

Previous administrations have on five occasions since 2008 tried to tighten mortgage lending rules in order to cool heady real estate activity, but those measures failed.

"We are all hoping to stabilize the market," Trudeau said, noting that any federal move requires delicate balancing -- curbing price increases while not devaluing existing equity in people's homes, especially in markets that are not overheated.

The prime minister's comments come as Toronto Dominion Bank warned that a real estate bubble was forming in Toronto and Vancouver and could pop soon.

New construction and resale activity continue to grow strongly in Vancouver and Toronto, while Alberta and other resources-producing regions are seeing price and sales declines. Other markets have seen little or no price growth.

"There is little debate that Canada's hottest housing markets are ripe for a correction; the difficulty is predicting its timing," said the Toronto Dominion Bank report.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian buyers play role in overheated canada housing market asian buyers play role in overheated canada housing market

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian buyers play role in overheated canada housing market asian buyers play role in overheated canada housing market

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday