Home Sales Cooling in July

Metro Vancouver homes sales resembled more typical levels in July The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in July 2016 show a decrease of 26.7% compared to June 2016. “After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison,… Read More Home Sales Cooling in July

Canada Revenue Agency Cracks Down on Real Estate Tax Cheats

Recently there is an article in the South China Morning Post about secret briefing and auditors being assigned to investigate purchases funded by unreported foreign income in our housing market. Whether the details of the leaked briefing are true or not, the fact remains that the CRA is, and has been actively monitoring and auditing real estate… Read More Canada Revenue Agency Cracks Down on Real Estate Tax Cheats

Government Announces Additional 15% Property Transfer Tax

In an effort to make housing more accessible to middle-class families, Bill 28, Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016, was introduced in the legislature today. That means an additional property transfer tax rate of 15% will apply to purchasers of residential real estate who are foreign nationals or foreign-controlled corporations. The additional tax will… Read More Government Announces Additional 15% Property Transfer Tax