Owners in Canadian Housing Market want to rein in Housing Frenzy
VANCOUVER- Between towering condominiums, blocks full of backyard cottages and multimillion-dollar teardowns which are sold out and the have been resold for several times before they are built, owners in Canadian Housing Market want to rein in Housing Frenzy.
Vancouver is too much expensive that politicians want to apply tax on its real estate market and homeowners who will lose all of their money if home prices fall down.
According to Real Estate Board of Greater Vancouver, Condos and Home prices in Vancouver are up by 16% or more than this in the last year and around 60% over the last three. Reason behind these stats is Vancouver itself, and not only among Canadians: Between Canada’s liberal immigration policies, its temperate climate and its natural beauty, Vancouver has become just a magnet for the buyers from foreign, majorly from China.
Residents of Vancouver are so much shocked at the cost level that homeowners want real estate market to cool down. In year 2016, Angus Reid Institute, non profit organization in Vancouver found that around 2/3rd of residents in this metropolitan area wanted home prices to fall down, including half of the homeowners.
During last year, in a provincial election almost housing costs, citizens voted for the BC Liberal Party and brought in the left of the BC New Democratic Party. Since then, New Democrats proposed slew of the housing measures.
British Columbia foreign buyer tax was raised by a party to 20% of a purchase price of a home, from 15%. This also plans to impose high property taxes on the second homes, on families whose primary earnings came from money from abroad and on homes that valued at more than $$3.07 million. Vancouver passed its local measures, including tax on empty homes.
Carole James, British Columbia’s finance minister said that there’s no question that the measures that they bring are bold, but they felt that they were critical if they were going to address all these crisis.