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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]

'It’s simply not possible': Why home ownership is out of reach for millennials in Toronto

Monday Aug 01st, 2016

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It's interesting to see the demand for homes for sale in Georgina and York Region that has resulted, consequence to the following article. Via BNN Millennials need to adjust their expectations when it comes to living in single-family homes, according to Toronto’s chief city planner. “The reality is not everyone can live in a ground-oriented, single-family home. It’s simply not possible,” Jennifer Keesmaat told BNN in an interview. “There’s not... [read more]

July 2016: Geographic distribution of volume in Homes for sale in Georgina

Tuesday Aug 02nd, 2016

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Interestingly, the geographic distribution of sales volume of homes sold in Georgina has seemed to spread itself more evenly, with a large decrease in homes sales in Keswick South, paired with an increase in homes sales in Keswick North and Sutton & Jackson’s point, putting these three areas within 4 home sales of one another. Total home sales in Georgina decreased by only 5 units for a total of 122 homes sold in Georgina in July: •7 homes sold in Baldwin •0 homes... [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]

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