Close X
Friday, November 29, 2024
ADVT 
National

B.C. Government Will Not Reconsider Tax On Foreign Homebuyers, Says Premier

The Canadian Press, 07 Sep, 2016 11:54 AM
    VANCOUVER — The plunge in real estate sales and deceleration in price increases in the Vancouver area last month were exactly what the government was trying to manoeuvre, and Premier Christy Clark says there will be no changes to the foreign-buyers tax.
     
    Clark told reporters Tuesday that her government will not reconsider the 15-per-cent tax that is intended to calm what she called a "distorted market."
     
    "The prices were going up way too fast and if we helped slow that down, that's good," she said.
     
    The Real Estate Board of Greater Vancouver announced last Friday that August sales were down by 26 per cent compared with last year, signalling a return to more typical levels.
     
    The largest drop in property sales last month was among detached homes, with a decrease of 44.5 per cent.
     
    Along with the slowdown in sales, the board said prices that were once skyrocketing may be tapering off.
     
    The average price of a detached home fell to $1.47 million last month, a 16.7 per cent drop from the month before. Dan Morrison, president of the real estate board, said on Friday that the region was seeing fewer sales of the highest-priced detached homes and fewer sales of detached homes compared with other kinds of housing, causing average prices to slump.
     
     
    But the real estate board prefers to measure prices using the benchmark price, which is a representation of a "typical" property sold in the area.
     
    The benchmark price for detached properties reached $1.57 million in August, representing a 12-month increase of 35.8 per cent. However, compared with July, the figure was down 0.1 per cent.
     
    Clark said it is too early to tell what the impact of the foreign-buyers tax and a luxury sales tax on homes priced over $2 million has had on the market.
     
    While the premier said changes to the new legislation are not an option, the government will be doing even more to try to address housing affordability in Metro Vancouver.
     
    "We need to make it easier for first time home buyers to get into the market and that's not just about price."
     
     
    Housing supply is a contributing factor to the problem, Clark said, with prospective developments "languishing" in city planning departments for years.
     
    Without giving away specifics, Clark said her government will look at ways to ensure cities are "moving some of that inventory" and increasing supply.

    MORE National ARTICLES

    CBC Says An Average Of Just Over Four Million Tuned In For Hip Broadcast

    CBC Says An Average Of Just Over Four Million Tuned In For Hip Broadcast
    CBC says an average of 4.04 million people tuned in on TV or via livestreaming.

    CBC Says An Average Of Just Over Four Million Tuned In For Hip Broadcast

    Saskatchewan Premier Brad Wall Cruising In Caddy Once Owned By Waylon Jennings

    SWIFT CURRENT, Sask. — Saskatchewan Premier Brad Wall is sporting a new ride — a white Cadillac convertible once owned by country music legend Waylon Jennings.

    Saskatchewan Premier Brad Wall Cruising In Caddy Once Owned By Waylon Jennings

    Just Show Up: No Reservations Required At Some Camping Spots On Vancouver Island

    Just Show Up: No Reservations Required At Some Camping Spots On Vancouver Island
    VICTORIA — Caretaker Peter Murphy says every camper asks the same question about staying at Kitty Coleman Provincial Park, and he never gets tired of gleefully providing the same answer: Yes, it's oceanfront.

    Just Show Up: No Reservations Required At Some Camping Spots On Vancouver Island

    Canada's Olympic Athletes To Return Tuesday And Wednesday, Fanfare To Follow

    Canada's Olympic Athletes To Return Tuesday And Wednesday, Fanfare To Follow
    TORONTO — Members of Canada's Olympic team — including closing ceremony flag-bearer Penny Oleksiak — will be back on home turf bright and early Tuesday morning.

    Canada's Olympic Athletes To Return Tuesday And Wednesday, Fanfare To Follow

    Halifax Police Searching For Suspect After Alleged Sexual Assault Of Toddler

    Halifax Police Searching For Suspect After Alleged Sexual Assault Of Toddler
    Police say the incident happened around 5:30 p.m. Friday in the area of Wood Avenue when a young girl was outside playing with a group of children. A man asked her to come with him, then took her behind a building and touched her in a sexual manner.

    Halifax Police Searching For Suspect After Alleged Sexual Assault Of Toddler

    Evacuation Order, Alert Issued As Wildfire Flares North Of West Kelowna, B.C.

    Evacuation Order, Alert Issued As Wildfire Flares North Of West Kelowna, B.C.
    The Bear Creek wildfire broke out late Sunday evening, near Bear Creek Provincial Park, and within hours the Central Okanagan Regional District ordered the evacuation of 156 properties.

    Evacuation Order, Alert Issued As Wildfire Flares North Of West Kelowna, B.C.