Real Estate Prices: Vancouver

Foreign Investors Dept: As BMO chief economist Doug Porter has warned, the softening in real estate prices in Vancouver could see more foreign investors looking to Toronto and fuelling further upward pressure on prices here, according to The Star. At one time, non-resident purchasers of Ontario real estate were required to pay higher rates of Land Transfer Tax than resident purchasers and real estate speculators were required to pay a Land Speculation Tax on their profits and re: Vancouver prices coming, experts warn, May 13 The solution to these rising prices is not higher interest rates on mortgages, which would have little effect on foreign investors demand for Canadian property. It is time for the Ontario government to assist those who wish to purchase their own home at a reasonable price to reintroduce two tax strategies that previously existed to discourage real estate speculation by investors. (www.immigrantscanada.com). As reported in the news.