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Mortgage Broker News | 04 Aug 2016, 08:15 AM Agree 0
Wealthy foreigners might move en masse to Toronto to avoid B.C.’s just-implemented 15 per cent tax on overseas buyers, local agents fear
  • Kris Kooblall | 06 Aug 2016, 08:24 AM Agree 0
    Here in Ontario, this housing crisis is so simple and easy to surmise except the provincial and municipal authorities are barring the strong economic insinuations from The Bank of Canada, CMHC et al.

    The 15% tax imposed on Vancouver exceeds the Harmonised Sales Tax by a mere 2% and already in July 2016, Vancouver sales are levelling off in sales of single detached homes while there is a corresponding spike in sales in Toronto's housing market.

    Should our municipal and provincial politicians here in Ontario think, for a moment, that they are going to lead us blindfolded into a valley with the evidence glaring, perhaps they are completely out of touch with reality and the implication here is perhaps deliberately so on their part?

    If we simply choose not to follow the recommendations of our own financial institutions starting primarily with our central bank, The Bank of Canada followed by the Canada Mortgage Housing Corporation and our leading commercial banks, why do we have these institutions in the first place?

    /Prices for detached homes in Toronto rose 20.7 per cent to an average of more than $1.2-million, even as the number of sales fell 6.5 per cent from the same time last year. In the 905 region, prices for detached homes hit $888,565, up almost 22 per cent from last July amid slightly higher sales numbers./
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