Canadian Real Estate News Headlines (March 28th 2019)
Hello everyone. How are you?
I provide you with Canada’s news headlines for real estate news for today.
Canada's 2019 Budget Focuses On Real Estate Tax Compliance
Canadian Finance Minister Bill Morneau has made tax non-compliance in the real-estate market a major focus of his 2019 Budget.
Morneau tabled the Budget on March 19. In his speech, Morneau said that the Government will "take action to crack down on the people who break the rules – who evade taxes or use real estate for money laundering – making housing less affordable for the people who need it."
Canadians Are Feeling the Debt Burn
Household debt in Canada, a nation generally known for moderation, has reached levels that could be qualified as excessive. Canadians owe C$2.16 trillion—which, as a share of gross domestic product, is the highest debt load in the Group of Seven economies. With the housing market cooling, a reckoning may be fast approaching. People are “freaking out,” even though, with interest rates not far above historical lows, “money still costs nothing,” says Scott Terrio, a Toronto-based manager at Hoyes, Michalos & Associates Inc., a company that specializes in insolvency.
More Non-Resident Home Buyers in Canada, New Data Shows
That’s one of the questions the recent Canada Mortgage and Housing Corporation (CMHC) Housing Market Insight report sought to answer. The report showed that non-resident participation in homeownership is 11.2% in Metro Vancouver and 7.6% in the GTA.
These numbers differ from previous data reported by the CMHC in 2015, which was 3.5% for Vancouver and 3.3% for Toronto. So, why such an increase and what does it mean?
Jethro Seymour, Toronto Real Estate Broker,
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