Changes to the capital gains inclusion rate take effect today — and while some real estate experts say the changes are causing anxiety within the industry, a leading real estate association says it hasn't seen a bump in sales of secondary residences.Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland arrives at a press conference to speak about changes to capital gains tax legislation, on Parliament Hill in Ottawa, Ontario, Canada, June 10, 2024.
"We haven't noticed anything notable on the sales side at this time," said CREA spokesperson Pierre Leduc. "The interest rates, mortgage renewals, short term rental regulations and market trends have been more of a factor for the increased inventory." "We definitely had a flood of calls from consumers, but as soon as people started to understand how much time and effort it would've taken to get their property for sale, sold and closed by the deadline, the math didn't make sense for most people," said Re/Max Canada president Christopher Alexander.Finance Minister Chrystia Freeland has said that only the richest will feel the effects of the change — she estimates only 0.13 per cent of Canadians will end up paying more.