The Schreder Brothers Real Estate Weekly Roundup
What’s going on in Real Estate around the web & Other cool finds this week
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B.C. urges federal government crackdown on real estate tax cheats
Several critics are joining the B.C. government in urging Ottawa to crack down on tax cheaters and toughen existing rules, after a Globe and Mail investigation uncovered possible tax evasion and fraud by real estate speculators in Vancouver’s overpriced market.
Vancouver Real Estate Felt ‘Little Impact’ From Foreign Tax: Capital Economics
Vancouver home sales plummeted by about 26 per cent in August, compared to the same month a year earlier, after B.C. introduced a 15 per cent Property Transfer Tax on foreign buyers.
CRA launches review of B.C. real estate speculators
The Canada Revenue Agency has launched a review into the actions of B.C. real estate speculators in light of a Globe and Mail report that uncovered possible tax evasion and fraud.
Two-thirds of British Columbians think Real Estate Foreign Buyer Tax will not make it easier for them to own a home
WHILE most British Columbians support the recently implemented 15-per-cent foreign buyer tax, its actual effect in leading to affordability in the domestic housing market is questioned by a large proportion of residents, a new Insights West poll has found.
Vancouver Real Estate Saw 31% Fewer Dollars Than Last Year
BC real estate took a hit on the dollar volume of properties being purchased. Only two boards saw declines year to date, but Vancouver’s loss of capital was enough to weigh the total. Vancouver’s real estate board saw a drop of 31% from last year, making $962 million less than the year prior. Ouch.
Oakanogan saw the most gains, increasing purchasing dollar volume by a whopping $148 million. That works out to around a 45% increase, which is strong growth by any measure.
CRA updates non-compliance info on real estate sector following damming report
Just how does the Canada Revenue Agency address non-compliance in the real estate sector?
In light of another bombshell report on Vancouver’s real estate market suggesting that some foreign investors profit in buying homes in B.C. while evading taxes, our National Revenue Minister asked the Canada Revenue Agency to look into the actions of real estate speculators here.
Canadian house prices still rising, but at slowest annual pace since January 2015
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The average price of a Canadian home increased by 5 per cent to $456,722 in August.
That’s the smallest annual gain since January 2015, the Canadian Real Estate Association said in a release Thursday.
BC housing minister writes letter to federal gov’t asking for help
British Columbia’s housing minister is asking the federal government to step up on addressing housing woes in the province and hurry up in investigating money laundering in real estate.
Rich Coleman has released an open letter to Jean-Yves Duclos, the federal minister responsible for housing, asking the federal government to collaborate with B.C. to solve the province’s “critical” housing issues.
Will Vancouver Commercial Real Estate Have the Same Fate as the Housing Bubble?
Altus Group, a provider of commercial real estate services, reported that real estate transactions in Vancouver were up 34% in just one quarter, the sixth straight quarter of growth. $3.75 billion in deal flow was recorded by Altus, 875 of those deals exceeded $1 million and 19 transactions for more than $25 million.
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