Arab Today, arab today asian buyers play role in overheated canada housing market
Last Updated : GMT 16:24:37
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*

Arab Today, arab today asian buyers play role in overheated canada housing market Arab Today, arab today asian buyers play role in overheated canada housing market

 



Arab Today, arab today

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*

Arab Today, arab today asian buyers play role in overheated canada housing market Arab Today, arab today asian buyers play role in overheated canada housing market

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
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