Three Real Estate Stories in the News for Friday, March 30th, 2018

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Disappointing Canada growth data for January heralds under par Q1

The Canadian economy unexpectedly shrank by 0.1 percent in January, Statistics Canada data indicated on Thursday, in a clear sign that first-quarter growth is likely to be weaker than the Bank of Canada had predicted.

Analysts in a Reuters poll had expected gross domestic product to increase by 0.1 percent after a revised 0.2 percent gain in December. January’s drop was the first since a 0.1 percent decline in August 2017.

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Major impact to B.C. real estate market expected from proposed taxes

According to a Royal LePage advisor survey, which consolidated the views of 535 real estate professionals in British Columbia and Alberta, the implementation of new housing taxes outlined in British Columbia's 2018 budget have the potential to significantly impact the province's residential real estate market. While previous provincial measures have targeted foreign homebuyers, the implications of the new tax policies will be much more widespread, primarily affecting domestic homeowners located in B.C., Alberta and other parts of Canada who have made the tourist-focused region their second home.

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Canadian Rental Rates Are Falling After A Long Period Of Steep Growth

The slowdown in Canada's residential real estate market may now be spreading to the rental market, with rents falling in many cities after a prolonged period of rapid growth.

That could be good news for renters in Toronto and Vancouver, where rents were rising at double-digit rates in recent years, and where few vacant apartments can be found.

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Jethro Seymour, one of the Top Midtown Toronto Real Estate Brokers, provides you with Canadian real estate news headlines ( March 30th 2018)