Real Estate News Headlines // November 23rd 2016
Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines
BC Foreign Buyer Tax Might Actually Cost Canadian Taxpayers Billions
To curb Vancouver’s growing housing problem, the province of British Columbia (BC) leveraged a tax of 15% against foreign buyers purchasing real estate in Metro Vancouver. Shortly after, a class action lawsuit alleged the province’s legislation is ultra vires (beyond authority). Now further details reveal that the foreign buyer tax might be in violation of more than 30 federal trade agreements, and the Government of Canada might be on the hook for BC’s bill.
Five things that have altered our understanding of the real estate market
Just six months ago, many Canadians were sure they understood the housing market. Calgary was suffering under the weight of low oil prices, historically-low borrowing costs were displaying no signs of moving higher, and the price gains in Vancouver and Toronto appeared unstoppable.
A lot can change in six months. Listed here are five recent developments that have altered our understanding of the Canadian real estate market.
