A two-per-cent tax on speculative real-estate investment in B.C. that was a key part of the NDP’s election platform may not be a sure thing, says the party’s spokesman for housing. “Taxes are one tool, but there are other tools available to policy-makers,” David Eby said Thursday. “Taxes aren’t always the right response — there
It is no secret that when home prices go up in the City of Vancouver, prices in other municipalities across the Lower Mainland will also grow. According to a new report from the Canada Mortgage and Housing Corporation (CMHC), the rate at which prices in any given municipality will grow is measurable and consistent with commuting
The B.C. government unveiled a foreign-buyer’s tax last summer aimed at tamping down Vancouver’s runaway real estate market and making homes more affordable. Eight months later, has home affordability actually improved? Vancouver-area sales, listings and prices all dropped after the measure – a 15-per-cent property transfer tax on foreign national home buyers – went into effect Aug. 2.
