British Columbia's provincial government introduced a foreign buyers' tax in mid-2016, in response to rapidly growing house prices. It was bumped up to 20 per cent, from 15 per cent, last year.The region's market has also been hit by the federal mortgage stress test, which reduced the maximum amount a borrower can take out on a mortgage by about 20 per cent, as well as by rising mortgage rates over the past year-and-a-half.
"That demand is ultimately satisfied down the line because shelter needs don't go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."
'BC Realtors upset that the Poors might stand a chance of buying a house.'
I feel like this is a good thing...
Beauty!
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nationalpost - 🏆 10. / 80 Read more »
Source: CTVNews - 🏆 1. / 99 Read more »
In his own words: Firefighter tells how he caught kids dropped from burning homeA Nova Scotia couple was forced to drop their baby and toddler from the second floor of their fast-burning house into the waiting arms of a firefighter early Thursday.
Source: CTVNews - 🏆 1. / 99 Read more »
Source: VancouverSun - 🏆 49. / 61 Read more »
Inflated property prices made this B.C. couple millionaires. Now they need to turn paper wealth into cold, hard cashCouple’s house and condo make up about 87 per cent of their net worth
Source: nationalpost - 🏆 10. / 80 Read more »
Port Moody, B.C., mayor takes leave of absence to fight sex assault chargeThe mayor of Port Moody, B.C., says he is taking a leave of absence to clear his name after being charged with sexual assault.
Source: CTVNews - 🏆 1. / 99 Read more »
B.C. Ferries cancels two sailings between Vancouver and NanaimoTwo sailings aboard the Queen of Cowichan have been cancelled due to a gearbox problem with the 43-year-old vessel
Source: VancouverSun - 🏆 49. / 61 Read more »
ICBC 2.0: 'Generational shift' in B.C. auto insurance starts MondayRates jump 6.3 per cent on April 1, the same day a cap of $5,500 on pain and suffering claims for minor injuries begins The only thing that will fix icbc is the removal of all the pigs at the trough. Heavy insurance for repeated bad offenders and its total collapse. When ur that far in debt throwing my good money at it will not fix it. Period. NDP generational shi*.
Source: VancouverSun - 🏆 49. / 61 Read more »
Breaking: B.C. government averts legal aid strike with interim dealThe Province and the Legal Services Society have announced a one-time grant of $7.9 million to support the development of a new framework for legal aid funding.
Source: VancouverSun - 🏆 49. / 61 Read more »
Man and woman dead after hostage situation and police-involved shooting in B.C.Officers evacuated nearby homes and properties, set up a containment area and activated the Lower Mainland Emergency Response Team
Source: globeandmail - 🏆 5. / 92 Read more »