1980s Canadian Real Estate Stories Could Be Written Today
Toronto has become the golden city, the powerhouse and the fastest economy of Canada with time. With the increase in people moving to this city and development in terms of infrastructure and technology happening over here, the demand in the housing marking is surging. The housing costs have fuelled up because of the increase in the offshore investment from all over the world and growth in the immigration driven population in the past few years.
It’s not the first time that buying a house in Canada cost a fortune. Even in the 1980’s buying a house in Canada meant that you are ‘wealthy’. The low mortgage rates in 1988 resulted in the splurge of the prices which at times meant paying $50,000 as a down payment. The record high price for houses at that time was $273,698 which eventually plummeted to $198,150 in 1996. The average price of a home today is $688,181 which has roughly seen an up of 12.1% from last year.
Interview of the former vice president of a real estate firm in 1988
"The majority of the Canada’s real estate is overvalues agrees the federal government’s housing agency giving warnings that Vancouver’s housing market is too high. Vancouver is the ideal example of the impact of globalization and entry of foreign markets in the local markets. In 1989 people have protested against the Asian investment in Vancouver which is still an ongoing issue. "