Following the successive introduction of new housing policies in Vancouver and Toronto, what is the direction of the Canadian real estate market? Will the previously implemented 15% non-resident buyer tax on foreign purchasers dampen the Canadian housing market?
According to the latest data from Statistics Canada, driven by the hot real estate markets in Vancouver and Toronto, new home prices across Canada have seen a slight increase.
On one hand, the Toronto real estate market accounts for 25.49% of the national market. New home prices in Toronto rose by 0.2% in March 2017 compared to February.
On the other hand, as a consistently hot city for real estate in Canada, Vancouver also saw its first increase in new home prices in five months. In March 2017, new home prices in Vancouver rose by 0.7%, which also proves that the market environment is gradually easing.
It is evident that despite the 15% non-resident buyer tax, transactions in the Canadian real estate market remain robust. Especially with the Canadian dollar at a historical low and a promising economic outlook for Canada, now is an excellent opportunity to buy at the bottom.
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