dglobalnews.com Minister can't say if foreign buyer tax will affect housing market
Published: Fri, April 21, 2017
Markets | By Armando Jensen

Minister can't say if foreign buyer tax will affect housing market

Minister can't say if foreign buyer tax will affect housing market

A 15 per cent tax on home purchases by non-resident foreigners. "They are only looking for a quick profit or a safe place to park their money", she said.

For months sales have plummeted and prices dipped in Vancouver, where the provincial government introduced a 15 per cent tax on foreign buyers of real estate at the beginning of August.

Harris wondered at the effect of targeting only people who don't live in Canada.

The Ontario Liberals' new plan to help curb soaring home prices and curtail questionable rental practices, particularly in the Greater Toronto Area, was met with mixed reaction Thursday.

The pressure ramped up earlier this month, after figures showed the average price of homes in the Greater Toronto Area soared 33% in the past year, pushing the cost of a detached home to an average of C$1.21m.

"Wynne said the province would expand rent controls to all private rental units, including those built after 1991 which are exempted under current rules". We should have 30,000 new rental units a year coming on stream.

Home Capital's stock dropped 19 percent to C$18.10 at 1:56 p.m.in NY, the biggest decline in nearly two years.

Tenants groups welcomed the move.

Tenants may be breathing a sigh of relief, but rent control was not welcome news for everyone.

Murphy says companies that he lobbies for currently have about 28,000 rental units "in the pipeline" that are ready to be built, but now many will likely be abandoned due to the threat of rent controls. To offset that, the government has also introduced a five-year, $125-million program to rebate a portion of development charges on new purpose-built rental properties in areas with low vacancy rates.

Federal and Ontario finance ministers say that while they are concerned about diminishing housing affordability in Toronto, they will not introduce measures for homebuyers that could impact house prices in the city by boosting demand. "In some ways, we have to realise this is a good problem to have ..."

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Clark County Fire Department confirmed the fire was eventually extinguished after crews had difficulties accessing the source. He praised the firefighters for putting the fire out so quickly and said the strong winds meant it spread at pace.

"I hope anything the government of Ontario does will be accompanied by measures that substantially encourage the construction of affordable rental housing".

Neither of Ontario's opposition parties objected to any of the government's proposed measures.

He has said that at least some of the housing measures will be included in the Ontario budget, set to be tabled April 27. Progressive Conservative Housing Critic Ernie Hardeman said the measures are moving "in the right direction".

Ontario's provincial government on Thursday introduced 16 measures created to cool the red-hot property market in Toronto and the surrounding region.

Use surplus provincial land assets across the province to develop new and affordable housing.

In British Columbia alone, these feelings were even stronger, with 75% in support of the tax and 74% believing foreign buyers were driving up the cost of real estate.

- More flexibility for municipalities when it comes to using property tax tools to encourage development.

"Almost the entire province of Ontario's housing market is now on fire, while most of the rest of the country wonders what all the fuss is about", Porter wrote in a research note.

We have committed to meet quarterly to collectively discuss how we can address the challenges of housing affordability, managing expectations, and the impact of market speculation in the GGH. "We sometimes get requests to buy multiple units, and I don't allow that to happen, because I question why anyone would need more than one unit and it sort of sparks the idea that maybe they're speculating on real estate".

Canada's home prices saw another double-digit rise in March as sales became more active, according to a report Tuesday by the Canadian Real Estate Association.

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