Real Estate News Headlines // October 19th 2016

Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines

One of China’s top real estate moguls says his customers are troubled by British Columbia’s tax on foreigners purchasing homes in Vancouver and he intends to raise the matter with Prime Minister Justin Trudeau.

Canada Mortgage and Housing Corp. says the spread of affordability issues to real estate markets beyond Vancouver and Toronto will lead it to issue its first “red” warning for the national housing market.

The head of the federal housing agency is raising a red flag about the state of Canada’s real estate sector, saying affordability concerns have spilled over from the country’s two most expensive cities to nearby markets.
In an opinion piece published Monday in the Globe and Mail, CMHC CEO Evan Siddall says the agency will raise its overall risk rating for the national housing market to “strong” from “moderate” for the first time when it issues its housing market assessment on Oct. 26.

Home sales across Canada edged up by 0.8% in September but are now 5.6% below the record set in April 2016, according to the latest index data.

Finance Minister Bill Morneau announced a broad suite of initiatives on Oct. 3 to ensure that overheated housing markets do not compromise Canada’s economic growth. Canada Mortgage and Housing Corporation welcomes these initiatives and indeed had a hand in developing them with the Department of Finance. Part of our role is to advise the government on housing policy.

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