Ontario on Thursday moved to dampen red-hot home prices that have gone up more than 30 per cent in the Toronto area with a 15 per cent “non-resident speculation tax.” Chatter is focused on what Toronto may have drawn on from the way B.C. implemented its 15 per cent “additional property transfer tax” in Metro
Affordability in Vancouver has improved slightly following the implementation of the foreign-buyer tax in August, but it remains a “major vulnerability” in the city, according to an RBC report released April 24. This doesn’t mean a crash is likely, however, because the city’s employment situation is solid, according to the report. The jobless rate in
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.
