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Hot Real Estate Market
Aug 04, 2016
The average cost of a home in the city of Toronto in June was $746,546, up nearly 17% from June 2015.
The average price in Vancouver was $1,026,207, up more than 11%.
In Vancouver the 15% tax for foreign nationals purchasing homes effective August 2,2016 could precipitate a hotter Toronto real estate market as a way to avoid the tax .
The concern is how this could exacerbate Toronto’s housing market.
Derek Ladouceur, a Toronto real estate agent said that foreign investors will purchase in Toronto and he predicts that real estate will get pricier from condos to detached single family homes with a bigger increase in the luxury segment where they often park their money.
Another realtor, Dianne Usher from Royal LePage, said that some foreign buyers have already been flocking to Toronto due to the soaring Vancouver prices and with the additional tax she thinks it will grow exponentially.
Mayor John Tory hasn’t ruled out a similar tax but stressed he would want to more about the effect before bringing in such a levy.
The B.C. government released data that showed 1 in 10 property sales from June 10-July 14 in Metro Vancouver involved foreign nationals.
In Toronto, information on foreign buyers is scarce.
Brad Henderson, president and CEO of Sotheby’s International Realty Canada, said some foreign nationals could buy properties in parts of B.C. that aren’t subject to the tax. He also thinks that Toronto and potentially other markets like Montreal will start to become more attractive because comparatively they are less expensive.
He adds that the country’s stable political environment, low loonie and rock-bottom mortgage rates has helped lure overseas investors.
Adapted from Alexandra Posadzki (The Canadian Press)