Global News published this video item, entitled “How domestic investors are fuelling Canada’s hot housing market” – below is their description.
Vancouver home sales are up nearly 12 per cent over last year and Toronto’s real estate market further intensified last month. Sales topped a November record and average selling prices reached a new all-time high in that market.
The average home price is up almost 22 per cent year over year to more than $1.1 million and cities across Canada are seeing similar tightening conditions.
As Anne Gaviola explains, domestic investors are a big factor in sky-high home prices.
Canada is a country in the northern part of North America. It extends from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres (3.85 million square miles), making it the world’s second-largest country by total area.
Its southern and western border with the United States, stretching 8,891 kilometres (5,525 mi), is the world’s longest bi-national land border. Canada’s capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver.
Various Indigenous peoples inhabited what is now Canada for thousands of years before European colonization. The Canada Act 1982, which severed the vestiges of legal dependence on the British Parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with a monarch and a prime minister who serves as the chair of the Cabinet and head of government.
As a highly developed country, Canada has the seventeenth-highest nominal per-capita income globally as well as the thirteenth-highest ranking in the Human Development Index. Its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks.
Vancouver, a bustling west coast seaport in British Columbia, is among Canada’s densest cities. A popular filming location, it’s surrounded by mountains, and also has thriving art, theatre and music scenes.