Comments on: Canadian New Home Construction Begins To Slow As Forecasts Call Fewer Starts

By: Agent bob

Agent bob — Fri, 25 Feb 2022 18:12:49 +0000

Darn right! The government has got to tap down the investors . Charge them a lot more per year. At least 5%.

By: Hark

Hark — Fri, 25 Feb 2022 12:02:09 +0000

In reply to agent bob. The 1% tax is a joke. Investors own 28% of housing now.

By: agent bob

agent bob — Tue, 22 Feb 2022 16:29:40 +0000

Whiskey Foxtrot is right. The Canadian government is mostly responsible for the housing crisis that is driving young talent out of the country. The government needs to implement the following immediately.
First. Transparency International Canada, an agency that is part of the Global coalition agaist corruption, estimates up to 130 billion per year is ‘ Snow Washed ‘ here with much of that going into real estate. We need to enact laws that will stop the flow of dirty money now.
Also, make investing in real estate less attractive . Do not allow many of the current tax write-offs such as mortgage interest and tax investment properties at least 2% per year.
And start the 2 year moratorium on non -residents now. The liberals said they would start this in January. They have not done so.
And, put a much higher vacancy tax than the current 1%. Maybe 5 to 10% will get them to sell. It makes sense most of these vacant homes owners are the money launderers or non-residents.
These policies need action now or we will continue to see the brain drain out of Canada , which is now almost anywhere else on earth.

By: Shoena

Shoena — Mon, 21 Feb 2022 23:59:30 +0000

In reply to Omar. This is a best case scenario. The demand lowers demand on building resources (labor, materials) and but still getting more housing. Of course, this assumes the gov doesn't compete for the same resources which they already said they would.

By: Whiskey Foxtrot

Whiskey Foxtrot — Mon, 21 Feb 2022 23:57:02 +0000

How does a country plan to operate when its prime-earning demographic is fleeing to the country because they can’t afford it, while the city is just boomers who bought while the earth was still cooling down and students who need to be in the city?

https://www.cbc.ca/news/canada/first-person-rural-cottage-1.6329243

By: RW

RW — Mon, 21 Feb 2022 23:53:53 +0000

In reply to Ed Higgins. 1 in 3 resales. Pre-sale developers say up to 50% are bought by overseas investors who unload closer to construction or get a discount close to the NRST.

By: Omar

Omar — Mon, 21 Feb 2022 23:52:21 +0000

It’s about 15% higher than usual at this time of year for the cyclical peak outside of the pandemic. This is still a LOT of housing and anyone that says otherwise is delusional.

By: Ed Higgins

Ed Higgins — Mon, 21 Feb 2022 23:50:03 +0000

If demand only exists when interest rates are low, and 1 in 3 homes are bought by investors, does the demand really exist?