When a person is considering owning a property, it is absolutely important that they get a beautiful and sumptuous one. But there is one factor that matters even more than the appeal of a property. When you meet one of the real estate agents in Canada, you will see them advise you more on this factor associated with buying a property. This very crucial factor is the value of the property. This news will have a positive effect on people interested in buying a property in Canada, and especially in the city of Mississauga, as the recent economic disaster has not affected the value of properties there. With each passing month, this figure increases. All you need is to find a dedicated agent or company that can guide you in finding a suitable property located in an ideal location but at a reasonable price. Canadian professionals are fully confident in providing the best solution for investors and business-minded individuals.
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According to data from the Canadian Real Estate Association, home prices in Canada have reached an all-time high. In February, the average cost of a home in the country reached a record $648,200. This figure marks the highest price point in the history of the country's housing market, highlighting the robust nature of the sector.
This month alone, an impressive 58,209 real estate transactions were completed in Canada. This indicates a fervent level of activity and a highly dynamic market where demand remains robust. Local experts predict that the figures for March will be even more impressive, suggesting a sustained upward trajectory.
The surge in home prices underscores a powerful combination of factors: low interest rates, limited housing inventory, and strong buyer demand. This has fueled fierce competition among prospective homeowners, causing real estate values to rise rapidly across the country.
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In an attempt to cool the overheated real estate market, Canada has banned foreigners from purchasing residential properties on its territory. This ban, reported by Bloomberg, applies to the majority of non-citizens and is scheduled to last for two years. The decision stems from the government's concerns about political backlash against soaring inflation and escalating housing costs.
Over the past two years, Canada's housing market has experienced a dramatic increase, with real estate prices rising by more than 50%. February alone saw a record monthly increase. The average cost of a home has skyrocketed to $869,300 Canadian, or about $693,000 US.
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The Canadian government has announced new, more flexible visa requirements for individuals visiting family members permanently residing in the country. Initiated by the Canadian Minister of Immigration, Refugees and Citizenship, these changes affect the issuance of the Super Visa, a special type of visa that allows parents and grandparents to visit their children or grandchildren living in Canada.
Starting July 4, 2022, the authorized length of stay for Super Visa holders will be extended to five years, a significant increase from the current two-year limit. This change will provide families with more opportunities for extended reunions, ensuring that grandparents and parents can spend more quality time with their loved ones.
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Significant changes are underway in real estate markets across the globe. The overheated real estate markets that marked the beginning of the pandemic are now beginning to cool. This trend is reflected in data from the United States, where approximately 20% of real estate sellers reduced their prices between late April and late May 2022. This was the most significant drop since the start of the pandemic, reflecting a turning point in market dynamics.
This cooling is not isolated to the United States. Even in Canada, which maintained a dynamic real estate market throughout much of the pandemic, there are signs of a slowdown. In fact, some Canadian real estate buyers are seeing property prices plummet before their transactions are even finalized.
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