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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]

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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