Ontario raises foreign homebuyers tax to 25% — the highest in Canada, but it will barely impact affordability, critics say

Ontario’s foreign homebuyers tax is now the highest in the country, but critics say it won’t do much to reduce competition from speculators or improve affordability. The Ontario government announced Monday it is increasing the foreign homebuyers tax by five per cent to 25 per cent effective Oct. 25. The tax was previously raised to … Read more

Backlash grows against interest rate hikes as economists predict 75-basis point bump Wednesday

The Bank of Canada is set to announce another major rate hike on Wednesday to bring down soaring inflation amid growing criticism the central bank’s aggressive rate hikes will cause a painful and unnecessary recession. Economists forecast the Bank of Canada will hike the overnight lending rate by three-quarters of a percentage point bringing the … Read more

Toronto’s real estate bubble is finally bursting

Toronto’s real estate bubble is finally bursting | NiagaraFallsReview.ca n”,”heading”:””,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:””,”type”:”html5mobile”,”textColor”:””,”mobileImageUrl”:””,”bgColor”:””,”imageUrl”:””,”registeredOnly”:false,”linkUrl”:””,”aodaTitle”:”Toronto’s housing bubble”,”internalScroll”:false,”displayStyle”:”small-up”},{“type”:”ad”,”heading”:”ARTICLE CONTINUES BELOW”,”name”:”ArticleSecondBigBox”,”display”:”medium-down”,”pos”:”2″,”interstitial”:true,”sizes”:[[300,250]]},{“text”:”The majority of economists surveyed by the Star forecast that Toronto’s home prices are set to decline by 30 per cent or more from the February peak to spring 2023 — a drop many economists would define as a housing crash — … Read more

B.C. housing market kept its cool in September, real estate association reports – BC

British Columbia’s housing market kept its cool last month, with a decrease in residential unit sales of 45.8 per cent from the same time last year. According to the BC Real Estate Association (BCREA), there were 4,977 sales recorded by the Multiple Listing Service in September. At $4.6 billion, however, the total sales dollar volume … Read more

Can’t buy a home? Here’s how to build your wealth outside the housing market – National

The past year’s housing slowdown has dragged down the average net worth of many homeowners in Canada — especially the youngest Canadians stretching to enter the real estate market, data from Statistics Canada showed this week. But with most Canadians relying on the housing market to build their wealth, experts say there are other ways … Read more

Foreign students face rental ripoffs

Foreign students face rental ripoffs | The Star n”,”heading”:””,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:””,”type”:”html5mobile”,”textColor”:””,”mobileImageUrl”:””,”bgColor”:””,”imageUrl”:””,”registeredOnly”:false,”linkUrl”:””,”aodaTitle”:”Average rent for a one-bedroom apartment in the Toronto area”,”internalScroll”:false,”displayStyle”:”small-up”},{“text”:”Meanwhile, the same experts warn that these rental deposit demands, largely targeting foreign nationals and quietly enabled by realtors, are harming both Toronto’s numerous post-secondary institutions and its reputation as a welcoming place for international students pursuing higher … Read more