Cooling Toronto’s red-hot market, talks of housing supply and Vancouver’s abundance of red tape.
Every month, we bookmark a collection of stories that paint the picture of real estate, mortgages and the economy in Canada. Here’s our curated look at April.
In April, Ontario targeted red-hot home prices that have increased more than 30 per cent in Toronto by imposing a 15 per cent “non-resident speculation tax”. While it shares some similarities with Vancouver’s “additional property transfer tax”, it also has a few key differences that BC could learn from.
Read more: Vancouver Sun
With this suite of changes unveiled by the Ontario Government, PM Justin Trudeau addressed media with Canada’s position on the state of real estate markets. Trudeau believes that for markets to adjust to an affordable level, the government’s focus should be on building more supply to counteract high demand in key Canadian markets.
Read more: Ottawa Citizen
Judging by Vancouver’s highly-contested real estate market, the city is “shinier than ever on the world stage,” according to JLL Capital Markets senior VP Jon Ramscar. Between landmark transactions like the $440 million sale of Translink’s Oakridge Transit Centre and the emergence of Strata wind-ups throughout Metro Vancouver, we’re seeing incredible demand and a new influx of land supply shape the current picture of Vancouver’s real estate market.
Read more: Real Estate News EXchange
And finally, according to a newly-released think-tank report titled New Homes and Red Tape in British Columbia, new developments undergo a longer approval process in Vancouver than any other district in the Lower Mainland. On average, approval takes 21 months in Vancouver, compared to 18.3 in West Vancouver, 13.2 in Surrey, and just 1.6 months in Langley.
Read more: CTV News Vancouver
That was our top-line view of all the headlines circulating around real estate, mortgages and the economy in Canada. Check back next month.