Foreign buyer vacancy tax unlikely to derail housing rebound, real estate market watchers say

Not even the promise of a new national tax on foreign homeowners may be enough to chill a Canadian housing market that has been showing signs of warming up again.

“Further analysis of regional markets across the country is required to understand if a new speculation and vacancy tax will help increase the supply of available housing over the long term or aid with affordability,” the Canadian Real Estate Association said Thursday. Bank of Montreal chief economist Doug Porter doubted the Liberals’ proposed tax could dent the housing market’s comeback, if and when it were ever implemented.

In a world where … housing affordability is such an issue, I don't think we can afford to allow any forms of speculation, especially from outside of the country, to be influencing the market Barclays Capital analyst John Aiken said the proposed speculation tax looks to be another “incremental factor” for the housing market, which may only slightly reduce demand.

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Trudeau promises to tax foreign speculation in housing market nationwide if reelectedLiberals will introduce a 1 per cent tax on non-resident non-Canadians to help prevent foreign speculation from driving up housing prices Fortunately, it is easy not to believe anything he says. Where have they been for the past 4 years on this enough with the Conservatives and Liberals switching places every Federal Election. no more revolving door that the Tories & Grits have access to. stop doing the same thing over, over, and over again, then expecting things to turn out different.
Source: nationalpost - 🏆 10. / 80 Read more »