The B.C. government is reviewing the foreign buyers香蕉视频直播� tax in the Vancouver area and the interest-free loan program to first-time homebuyers to determine whether they香蕉视频直播檝e been effective in improving affordability, the province香蕉视频直播檚 new housing minister says.
In an interview Monday, Selina Robinson says she and provincial Finance Minister Carole James will go over real estate transaction data in an effort to decide whether such measures should be kept, revised or scrapped altogether. 香蕉视频直播淚 don香蕉视频直播檛 know that we have any plans to eliminate it,香蕉视频直播� Robinson said of the 15 per cent foreign buyers香蕉视频直播� levy, nearly a year after the previous Liberal government introduced it for Metro Vancouver.
香蕉视频直播淭here香蕉视频直播檚 certainly enough data that would help us to understand its value, and so, we have to look at that data.香蕉视频直播� Robinson said she understands the tax had some impact early on, but that is starting to slip away. From June 10 until Aug. 1, 2016 香蕉视频直播� one day before the tax took effect 香蕉视频直播� 13.2 per cent of all property transfer transactions in Metro Vancouver involved foreign buyers, according to data from the B.C. Finance Ministry.
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From Aug. 2, 2016, until the end of last year, that figure fell to 2.6 per cent. In the months after the tax, there were signs of cooling in Vancouver香蕉视频直播檚 housing market, with the number of transactions falling. However, there have been signs that the market may be rebounding, as prices continue to creep up.
The Multiple Listing Service composite benchmark price for all properties in Metro Vancouver was $998,700 in June, an increase of 7.9 per cent from the same month last year, according to the Greater Vancouver Real Estate Board.
Tsur Somerville, the director of the University of British Columbia Centre for Urban Economics and Real Estate, said the tax may have dampened foreign interest in a city where housing prices are among the most expensive in North America.
But another possibility is that some foreign buyers are not self-identifying as such or have shifted to purchasing properties, like presale condominiums, that aren香蕉视频直播檛 covered by the tax, he said. Before they won the May election, the NDP promised to bring in an annual two per cent tax on vacant properties, but Robinson says that too is under review.
Andrey Pavlov, a professor who specializes in real estate finance at Simon Fraser University in Burnaby, B.C., said he hopes the government implements policies that would ease development restrictions to increase housing supply.
香蕉视频直播淯nless we can increase supply, we can tax people at any rate we want,香蕉视频直播� Pavlov said. 香蕉视频直播淚t香蕉视频直播檚 not going to make any difference because we just don香蕉视频直播檛 have enough units.香蕉视频直播�
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