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April 15, 2022 | The ‘Top is Off’ Canadian Housing

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

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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April 15th, 2022

Posted In: Juggling Dynamite

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