You know how it goes…
The Christmas music starts up, you start thinking of holidays and then you wake up 2 months later with a tremendous hangover and a huge credit card bill.
Welcome to the holiday season, lets kick this off as early as we can!
This week it’s going to be a Saturday free-for-all. Our regularly scheduled open topic discussion thread was delay.
The Canadian economy isn’t looking so hot lately, perhaps we need more stimulus. How low can the looney go?
Canada’s currency extended declines after the report, falling 0.5 percent to C$1.3552 against its U.S. counterpart at 9:24 a.m. Toronto time.
The GDP numbers add to recent indicators showing low interest rates and a program of federal government stimulus are so far failing to spur a recovery. Inflation slowedto a 1.2 percent pace in November from a year earlier, the statistics agency said Thursday, a softer reading than economists forecast, with one measure of core inflation slowing to the lowest level since 1996.
Read the full article over at bloomberg.
Autumn is here! Can you smell it?
This being the end of the week, let’s do another Friday Free-for-all shall we?
This is our regularly programmed end of the week news round up and open topic discussion thread for the weekend, we do this every week if you’re new here.
So let’s get to a few links to kick off the chat:
–Mayor: foreign buyer tax too little, too late
–Opinions? Share them with the city.
–Canadians, Aussies and Kiwis in same trap
–Bigger bubble than London
–Housing Crisis? Blame Canadians.
–Skook blogs again! Bowen and Coast stats
–Millenials: No Retirement for you!
–Correction to be painful.
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent bubble-filled weekend!
The BC government has decided to tax foreign purchases of real estate:
Foreigners who buy residential property in the Vancouver area will have to pay an extra 15-per-cent tax as part of a B.C. government plan to slow the foreign speculation that many blame for making the region’s homes the most unaffordable in Canada.
The change to the province’s property transfer tax announced on Monday means an extra $300,000 in taxes for people from abroad buying a home for $2-million. Detached houses in the area typically run around that or higher. The surprise move comes after the government tracked all residential real estate transactions across British Columbia over four weeks in June and July and found foreign citizens who were not permanent residents bought just more than a billion dollars worth of property.
Read the full article at the Globe and Mail.
Odd that this tax applies to Vancouver only and not the whole province. Why that particular limitation? Will this push buyers into other areas of the province or simply “keep home ownership within the grasp of the middle class in British Columbia” as ms. Clark puts it?