Real Estate News Headlines // August 30th 2016

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

A few weeks ago the provincial government in British Columbia made headlines by instituting a 15% extra land transfer tax on any real estate transactions from foreign buyers in an attempt to cool Vancouver’s red-hot real estate market.
Reaction to the new law was strong on both sides of the issue.
Realtors, mortgage brokers, and bullish investors decried the move, calling it unfair and racist. This group not only thought the law itself was unfair, but the decision to implement the new tax immediately drew extra ire. Imagine entering the biggest decision of your financial life and then having to pay 15% extra on a contract you already signed in good faith.
On the other side of the coin, folks who think the Vancouver property bubble is out of control applauded the new law. According to them, Canada has become nothing more than a vessel for laundering money out of China, which has made buying property unaffordable for struggling Canadian families. This is a welcome move to even up the playing field.

B.C. plans to hire a new superintendent to oversee the real estate industry and complete an overhaul of the provincial body that regulates it by early this fall.

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