Real estate industry experts say the focus should be on creating more supply
A Bank of Montreal report last week, authored by economist Robert Kavcic, characterized the latest policy changes and the Bank of Canada’s anticipated interest rate moves as a “full-scale attack on Canada home prices.”
“The whole measure as the government is proposing is flawed,” Ash told the Financial Post, because a buyer can rescind their offer on a home, leaving the seller in the lurch. What Ash and other B.C. real estate professionals proposed instead was a five-day pre-offer period that would allow buyers to do their due diligence with property inspections, financing, appraisals, etc. Ash said this could remove unneeded stress from both the buyer and the seller.
In Ontario, Premier Doug Ford’s government increased the non-resident speculation tax from 15 to 20 per cent and expanded the measure throughout the province as opposed to focusing on the Greater Golden Horseshoe region.
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