Everyone seems to be on the edge of their seat, waiting to see what happens to Canada's property market. Don Pittis thinks there are several reasons it is still going strong. One is that buyers are afraid of missing out. Homes are selling very quickly! Other notable reasons include low interest rates, the strong economy, and high immigration. Plus, "Toronto and Vancouver aren't the only hot spots. After provincial governments used a tax on foreign buyers to try to slow overseas demand in those two cities, Montreal has seen a condo sales explosion of its own."
It isn't just Canadians waiting to see tomorrow's latest real estate numbers. On Wednesday when the Canadian Real Estate Association releases the latest sales statistics and prices for resale homes, it will feel like the whole world is watching. At the end of last month the Swiss banking giant UBS put both Toronto and Vancouver in the top five of its international bad boy list. Toronto had the distinction of placing number one on the company's worst global bubble risk, beating out Hong Kong, London and Amsterdam. Vancouver wasn't far behind.
Everyone seems to be on the edge of their seat, waiting to see what happens to Canada's property market. Don Pittis thinks there are several reasons it is still going strong. One is that buyers are afraid of missing out. Homes are selling very quickly! Other notable reasons include low interest rates, the strong economy, and high immigration. Plus, "Toronto and Vancouver aren't the only hot spots. After provincial governments used a tax on foreign buyers to try to slow overseas demand in those two cities, Montreal has seen a condo sales explosion of its own."