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BC Province to tax foreign buyers of Metro Vancouver homes

Tuesday Jul 26th, 2016

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The B.C. government took steps Monday to reduce some of the pressure in Metro Vancouver's overheated real estate market, introducing legislation that would add a 15 per cent property transfer tax for foreign nationals buying real estate there. The new rules take effect Aug. 2 and only apply to home purchases in Metro Vancouver, excluding the treaty lands of the Tsawwassen First Nation. Provincial Finance Minister Mike de Jong unveiled the tax as part... [read more]

Ottawa housing intervention could jeopardize crucial ‘cash cow,’ National Bank warns

Monday Aug 22nd, 2016

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A new report from National Bank Financial is cautioning policymakers that crimping demand for housing could hit federal and provincial coffers. In the report, economists Warren Lovely and Marc Pinsonneault warned governments and regulators shouldn’t take hasty action when it comes to changes to the industry responsible for $120 billion, or 17 per cent, of government revenues in this country. “From a fiscal perspective, housing is something of a cash cow for Canadian... [read more]

Ottawa to close tax loophole amid reports of abuse of home ownership rules

Monday Oct 03rd, 2016

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TORONTO - The Globe and Mail is reporting that Ottawa is preparing to close a tax loophole that's been used by foreign buyers in overheated housing markets such as Vancouver and Toronto. The Globe says the Trudeau government plans to tackle apparent abuse of a long-standing exemption that allows non-residents to buy homes and later claim a tax exemption on the sales of those properties. That exemption will reportedly now only be available to those who reside in Canada in the year... [read more]

How Canada’s hot housing market is propping up GDP growth

Thursday Jun 30th, 2016

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Content via BNN The Canadian economy grew by just 0.1 per cent in April from March, but it received a big boost from the country’s hot housing market, according to data released by Statistics Canada on Thursday. Real estate activity was the biggest year-over-year contributor to growth, adding $218.8 billion to Canada’s gross domestic product in April, up from $211.6 billion in the same period last year. That means the $7.2 billion year-on-year growth in real estate... [read more]

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