Real Estate News

The new B.C. speculation tax has the purported aim to push empty homes onto the long-term rental market, finance minister Carole James has said.

Chinese consumers can now buy Canadian homes online through a deal inked with Juwai.com, China’s largest real estate website selling international properties, and JD.com, which is China’s largest retailer, both online and offline.

The head of LandlordBC expects some homeowners will start renting out their properties to avoid the province’s new speculation tax, but says it’s too soon to estimate the extent of its impact.

If one goal of the B.C. government’s new housing taxation policies was to cool home sales in the province, it has likely succeeded, if the results of a new poll of real estate agents are anything to go by.

This massive, resort-style “Tuscan villa” in Surrey raised eyebrows and hit media headlines last summer with its record-breaking listing price of $28 million, 10 times its assessed value – later adjusted to $26 million and did not sell at the time.

Changes to the proposed B.C. speculation tax , announced by finance minister Carole James yesterday following a backlash from owners, have been broadly welcomed – but do not go far enough, according to industry groups.

A decline in Toronto’s rental prices may have put Vancouver back on top as Canada’s priciest city for one-bedroom rents, but prices have declined in all the top five most expensive rental cities.

It’s the debate that never seems to end in Richmond: what to do with home sizes on the ALR. Monday night’s council meeting further proved just how complicated the topic is, as councillors voted to refer the issue back to staff for additional review.

Under changes to the proposed speculation tax, B.C. residents will now only have to pay 0.5 per cent a year on second homes valued at $400,000 or above, finance minister Carole James announced in a media conference March 26. The tax will apply to B.

The pressure is on for Richmond city council to make a decision on home sizes on the ALR next week, after a planning committee meeting ended in a three-three tie vote over the issue.