Three Real Estate Stories in the News for Tuesday, August 1st, 2017Jethro Seymour – Top Midtown Toronto (Davisville Village ,Leaside) Real Estate Agent
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Three Real Estate Stories in the News for Tuesday, August 1st, 2017

Posted by seymour on August 1, 2017
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Hello, everyone.

I provide you with Canada’s news headlines for real estate news for today.

Lack of supply real problem in the housing market

According to Toronto Sun,

According to a recent announcement from Queen’s Park, 4.7% of properties purchased in Ontario’s Greater Golden Horseshoe area between April 24 and May 26 were acquired by foreign individuals or corporations.

This in the wake of the raft of housing measures Premier Kathleen Wynne’s government announced in April, including a 15% “Non-Resident Speculation Tax”, ostensibly aimed at improving housing affordability.

The detail is here.

Canadian economy’s addiction to real estate fees is ‘stunning,’ says analyst

According to CBC News,

​Canada’s addiction to real estate goes far beyond our obsession with talking about it. Our economy actually relies more on the fees associated with buying and selling houses than it does on agriculture, fishing, forestry and hunting combined.

Real estate commissions, land transfer taxes, legal costs and fees for inspecting and surveying homes make up almost two per cent of Canada’s economy.

The detail is here.

Foreign buyers’ tax and other measures under review, B.C. housing minister says

According to National Post,

The British Columbia government is reviewing the foreign buyers’ tax in the Vancouver area and the interest-free loan program to first-time homebuyers to determine whether they have been effective in improving affordability, the province’s new housing minister says.

The detail is here.

 


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