Vancouver home sales have plunged by about a third in the last month or so, this been largely blamed on the foreign buyer tax.
But that tax focused on the city of Vancouver isn’t the only change to the real estate market, new rules and changes have the potential to affect the wider region and the nation as a whole. Southseacompany posted this summary from a Globe and Mail article in the comments:
“Four major changes to Canada’s housing rules”, Globe & Mail
http://www.theglobeandmail.com/real-estate/four-major-changes-to-canadas-housing-rules/article32223470/1. Expanding a mortgage rate stress test to all insured mortgages.
2. As of Nov. 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.
3. New reporting rules for the primary residence capital gains exemption.
4. The government is launching consultations on lender risk sharing.
As Canadian Mortgage Trends puts it, is this the last nail in the coffin?
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