New data from Statistics Canada’s Housing Statistic Program shows multiple-property owners held between 29 and 41 percent of the housing stock in Ontario, British Columbia, Nova Scotia and New Brunswick in 2019 and 2020. In a word: unsustainable.
Nova Scotia is the latest province to respond with a new deed transfer tax and a property tax targeting non-resident homeowners in its provincial budget in late March. Both took effect April 1 and are aimed at giving Nova Scotians greater access to housing. See: Multiple-property owners hold up to 41% of housing in some provinces: Stats Can.
These policy changes join a sharp increase in mortgage rates already cooling demand. See more in The ‘top is off’: Home prices show signs of cracking in Canada’s hot market.
Bloomberg reporter Ari Altstedter explained his article on BNN. Here is a direct video link.
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