![]() ![]() In an annual ranking, UBS examines the housing markets in 24 major world cities in Europe, North America and Asia to assess them based on how expensive housing is compared to local income levels and other factors. The fresh numbers on prices come as a major Swiss bank was already warning that Toronto and Vancouver are home to two of the worst housing bubbles in the entire world. The pandemic has had an unexpected impact on house prices in that instead of causing people to be more conservative because of the economic uncertainty, buyers have been eager to shell out for more space.Ĭanada's central bank slashed its benchmark rate to help stimulate the economy through the pandemic, and when lenders passed those rates on to consumers in the form of record low mortgage rates that had the effect of pouring gasoline on the fire of housing demand, making it more affordable to borrow more and more money to buy a home. "There is still a lot of demand chasing an increasingly scarce number of listings, so this market remains very challenging," CREA chair Cliff Stevenson said. In Vancouver, the average is 1,186,100 - up by more than 13 per cent in the past year. In the Greater Toronto area, the average price of a home that sold was $1,136,280 in September, up 18 per cent in a year, according to the local real estate board.
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