Canadian Speculators, Not Foreign Money, Are Driving up Home Prices



Historically low interest rates set by the Bank of Canada make it relatively risk-free for speculators to borrow large sums of money and invest in real estate - driving up prices in the process.


Under the radar

That has prompted comparisons to the spike in foreign investment that enveloped Vancouver's real estate market, and pushed up housing prices to the point where the provincial government stepped in with tax measures to slow the rush. ... Besides his ...




Comments

Post a Comment

Popular posts from this blog

The 'spillover effect' is driving up house prices across the Vancouver region and even into the interior of B.C.

Image
The impact of Vancouver's booming housing market can be felt as far away as Kelowna, once you start looking at the long-term impact on the country's most expensive market for housing, says Canada Mortgage and Housing Corp. In a report out Thursday, ... http://rock.ly/7okjl Vancouver housing market is rebounding from tax impact, with prices up 5% in three months Prices in Canada's most expensive city for existing homes appear to have rebounded from the impact of a tax on foreign buyers as Vancouver realtors reported Tuesday a huge swing in demand for condominiums and townhomes in April. The Real Estate Board ...
Read more

Take a Look at This - Surging sales of $1-million-plus Toronto homes fuel calls for new measures

Image
The GTA saw 2,876 sales of detached properties of $1-million or more in January and February, compared with 1,548 in the first two months of 2016, a new study by Sotheby's International Realty Canada shows. Fierce competition is common amid red-hot ... Take a Look at This - Housing market fires on 3 cylinders: Toronto, Hamilton, even Vancouver Canada's housing market is firing on three cylinders, surprisingly including Vancouver, and setting fresh records for the month of February.
Read more

BC city now ranks among world's top 2 luxury home markets, and it's not Vancouver

Image
With Vancouver feeling the effects of a tax on foreign buyers, international investors are turning to pricey real estate in B.C.'s quaint provincial capital. So much so, in fact, that the city now ranks among the world's top two luxury property markets. Data Centre Canada's home prices climbed 1.2 per cent in April compared with March, according to new data from the Teranet-National Bank House Price Index. Eight of the 11 metropolitan markets surveyed experienced month-over-month price gains. The composite ... http://rock.ly/f-e50
Read more