It will help other Cdn urban centers, as everyone will now be trying to sell before prices drop, and buy elsewhere. Asian buyers will look at other Cdn cities to dump their money. Seattle, too expensive.Posted by Vault on Wednesday, April 19th, 2017 at 8:43pm
Seattle is cheap right now but two years from now will probably double in price partly because of the housing measures in Toronto today.Posted by Tony on Wednesday, April 19th, 2017 at 10:27pm
What Vancouver and Toronto did was to confiscate 15% of someone's legit wealth. You may not like it, but it's called Communism. It's been attempted many times in the history. It may ease the anger of the have-nots for a while, but it will ultimately fail. Be very careful what you wish for.Posted by wsn on Wednesday, April 19th, 2017 at 10:32pm
A big question after todays' housing measures taken in Ontario is will it bring down prices further in the rest of Canada? To a lesser extent where will the Chinese money both legit and laundered flow to? My guess is Seattle and Atlantic City, New Jersey. The foreigners' 15 percent tax in Ontario that takes effect tomorrow will instantly knock over $100,000 off anything in Ontario over (was) a million dollars.Posted by Tony on Thursday, April 20th, 2017 at 3:39am
wsn. I respect your opinion, but to call it communism complicates the clarity for examining what is going on in BC and Ontario.
Also, knowing the BC case better, you have a supposed business friendly government implementing such measures. Bottom line, it's just pure bone head moves by two premiers who need to be arrested by a sane member of their publics....
What you have in Ontario and BC are two governments instilling policy (value based) interventions to signal a message that has no coherence nor sense. These career politicians (even JKenney, who's never worked a real job in the private markets nor owned a company with employees) took the same free market based ideological economics courses at a top tier Canadian university, What we have here is high educated imbeciles who have no common sense running for positions in our legislatures and Parliament. Hell we have a bar bouncer for Prime Minister.
With that said...
If these interventionist measures do not hold, and prices continue to rise in these two markets, then we have something truly amazing going on in the central business district (urban) markets in Canada.