Governments Get Their Wish
The Ontario and BC Governments have gotten their wish. Between the stress test implemented at the beginning of this year and the efforts of the government to cool the housing markets in Toronto and Vancouver specifically, we are beginning to feel the impact.
If governments can't control the economy, then they certainly can't fine tune it. Yet that is what they pretended to be able to do in implementing not just the new mortgage stress test but numerous new regulations and taxes introduced in BC and Ontario.
The scary part is that once the market slows they have no idea how far it will drop.
Check out these numbers from the VERICO May 2018 Economic Report.
Here Are 5 Significant Numbers You Need To Know
The amount that government taxes, fees, and charges add to the cost of a new single family home in the Greater Toronto Area.
The amount that government taxes, fees, and charges add to the cost of a new high rise apartment unit in the Greater Toronto Area.
The average cost of obtaining municipal approvals in Victoria per apartment unit.
The added cost per apartment unit in Vancouver due to the new speculation tax, which applies to bare land acquired to build multi-unit developments while waiting over a year for civic approvals.
The amount of time the BC Finance Minister said was spent modeling the impact of the new speculation tax, the new school tax and the increase in property purchase tax on the real estate market.
And that's just the beginning, if you want to get your free copy of the May 2018 Economic Report, click the button below to download yours and prepare accordingly.