Sentences with phrase «foreign homebuyer tax»

In this article published in The Australian, Roger discusses the foreign homebuyer tax that will hasten the price decline as Australia follows in Canada's footsteps.

On April 20, 2016, Victoria city council called on the province of British Columbia to implement a 15 % foreign homebuyer tax for the region, similar to one installed in Metro Vancouver last year, to curb speculative property purchases by non-residents.

Not exact matches

This begs the question on whether increasing the foreign buyer tax from 15 % to 20 % will really deter Chinese homebuyers from venturing into the Vancouver market.

This is because Chinese homebuyers have shown a tendency in the past to speed up their plans to purchase overseas properties when new taxes or restrictions are in the cards, such as in Vancouver and Sydney when new foreign buyer taxes were announced.

Industry insiders hold the stress test, which requires borrowers to qualify for a higher mortgage rate than the contractual rate, and provincial taxes to discourage foreign homebuyers, responsible for the uncertainty and decline in housing markets.

Provincial government data shows an increase in foreign homebuyers in the days before the tax came into effect on Aug. 2, but then a sharp drop in the month that followed.

Last year, the province introduced a 15 per cent foreign buyers tax, while the federal government clamped down on mortgage rules, making it more difficult for homebuyers to secure financing.

Rather than charging a tax to foreign nationals, Davidoff said he would have preferred to see a policy that provides tax breaks to homebuyers who can demonstrate they're paying local income taxes.

TORONTO — A tax intended to calm soaring real estate prices in Vancouver may be difficult to enforce because the foreign homebuyers it's aimed at may be able to get around it, experts say.

Towards the end of 2016, the BNN reported that Ontario Premier Kathleen Wynne had made strong indications that Ontario would not be following B.C.'s lead with a tax on foreign homebuyers.

Adding to the story this month is a higher loonie, higher mortgage rates, foreign buyer withdrawal, new tax on vacant homes, and homebuyers losing interest.

The move followed the introduction of a tax on foreign homebuyers in the Vancouver region last year.

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