In the last year, the sales of homes in the
Toronto have increased by 6.9% in the past year also the prices for resale of
homes has also increased by 7.7-8.5% (Market Watch, 2014). This year alone has
made a huge difference from the past all over Canada, increases from Vancouver,
Edmonton, Saskatoon, Winnipeg, Montreal, Halifax, St. John’s, etc. (Canada’s
Housing Bubble, 2014).
In
result to the prices of housing about double the price now, the demand for
higher wages from the workers is on a rise (Canada’s Housing Bubble, 2014) .
Workers are asking for higher wages now to be able to afford these homes now
are reducing the competitiveness from business to business.
This
graph below illustrates that approximately every 13 years the growth rate of
the pricing homes have increased about 7%. Right now the average price of a
house is ~$389,119. In 2018, the average price of a house will be approximately
$600,000. By the year 2025, the price of
houses with be approximately $850,000-$875,000 in Canada (7 Reasons to Avoid
Canadian Real Estate, 2014)
Bibliography
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