Metro Vancouverâ€™s new home industry is hurting badly over the absence of any transition rules to the return of the provincial sales tax since the harmonized sales tax was defeated in a referendum Aug. 26, three property experts to The Vancouver Board of Trade Friday.
BC voters now have an extra two weeks to decide whether to keep or get rid of the harmonized sales tax (HST).
Home renovation seminar offers free expert advice.
Steve Barkhouse recently won Renovator of the Year at the Housing Design Awards, a glitzy annual affair organized by the Greater Ottawa Home Builders’ Association.
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Housing prices rose for the 15th straight month in July, but by the smallest margin in four months, according to a national index released Wednesday.
And for the first time in four months, prices failed to rise above the previous month’s in all of the six metropolitan areas measured in the Teranet-National Bank house price index.
What drives Vancouver’s house prices so relentlessly to levels four times higher than Winnipeg’s, and more than half again what Torontonians pay?
It’s simple, says Tsur Somerville of UBC Centre for Urban Economics and Real Estate.
“If you want Winnipeg-level house prices here, all you have to do is tear down the mountains and fill in the ocean.”
The Canadian Real Estate Association (CREA) says national home sales activity continued to trend down in July 2010. The decline was almost entirely the result of fewer sales in British Columbia and Ontario. A slowdown in demand in these two provinces had been widely expected in July, as many purchases were brought forward into the first half of the year in advance of the introduction of the HST.
National home sales activity continued to trend down in July 2010. The decline was almost entirely the result of fewer sales in British Columbia and Ontario.
The malaise in Canada’s housing market is deepening, as record-low interest rates and a vast selection of homes prove to be insufficient incentives to draw new buyers into the market.
Just days after the Canadian Real Estate Association downgraded its sales forecast for the rest of the year, data from British Columbia and Alberta show sharp double-digit decreases in the number of homes sold in July compared to a year ago.