Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Both buyers and sellers were motivated to get deals done ahead of the capital gains tax change coming into effect on June 25.In April, when the Government of Canada first announced that it would be increasing the capital gains tax inclusion rate, concerns and criticism were widespread. The Government of Canada saw June 25 as the beginning of a new era — one with "tax fairness for every generation.
"I think it pulled forward some transactions and it got people racing to beat that deadline," says Colliers' National Head of Research. "I think it was a surprise how quickly it crystallized as an idea, and I think part of that is that it gets into peoples' heads that 'Okay, if the capital gains tax came out of the blue, who's to say there won't be something else coming out of the blue? Maybe I should just sell now.
Upon inquiry by STOREYS, both Avison Young and CBRE said they were not able to provide national or local transaction data for June 2024 at this time, while Altus Group has not responded to an inquiry., tells STOREYS that they closed five deals just in the week leading up to June 25, which made up nearly half of the 11 deals they've done in 2024.
A spike in transactions was also seen in reviews conducted by STOREYS throughout June. In the seven-day period of June 4 to June 10, STOREYS saw three deals reported by commercial real estate brokers — from various brokerages across British Columbia — on LinkedIn. That number increased to seven for the period of June 11 to June 17, and then 14 for the period of June 18 to June 24, before decreasing slightly to 10 deals between June 25 and July 2.
Listings Capital Gains Goodman Commercial Commercial Transactions Avison Young Commercial Real Estate
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big US banks withstand Fed's commercial real estate shock scenarioBig U.S. banks survived a hypothetical 40% drop in commercial real estate values as a part of the U.S. Federal Reserve's annual health test, easing fears...
Read more »
Commercial real estate poised for ‘ongoing improvement’ this year: Avison YoungInvestor enthusiasm is steadily increasing in Canada’s commercial real estate sector, according to a new report.
Read more »
Rate cuts will give a boost to commercial real estate: CEOMarcus & Millichap (MMI) CEO Hessam Nadji joins Catalysts to give insight into bank loans, the commercial real estate (CRE) market, and what real estate...
Read more »
Factbox-US banks' commercial real estate loan worries linger after latest tumbleOn Wednesday, First Foundation's shares slumped after the Texas-based lender with a huge portfolio of multifamily real estate loans disclosed a $228 million ...
Read more »
U.S. bank profits face pressure from lower interest payments, higher credit lossesAs banks kick off earnings season on Friday, analysts predict provisions could rise for potential losses on commercial and industrial loans, as well as those on commercial real estate
Read more »
Biggest land-based crane being assembled by Mammoet - Daily Commercial NewsCanada's construction news
Read more »