Canadian home prices have been climbing for years, but with the introduction of new mortgage rules and January’s Bank of Canada rate hike, will prices continue to rise in 2018? According to some industry experts, the answer is they likely will.
In Canada’s hottest housing markets — Toronto and Vancouver — many industry watchers are predicting that price growth will continue this year as strong demand, particularly in the condo segments, is met by limited supply.
Low supply causing prices to spike
Although the Greater Toronto Area saw a 17 per cent year-over-year increase in new listings last month, total new listings were the second lowest for the month of January in the past 10 years. Meantime, new listings in Metro Vancouver dropped 8.3 per…
After more than a decade of planning, construction is set to begin on the Oakridge Centre redevelopment by the end of the year for a full completion in 2025.
And the international team behind the ambitious project says it was worth the wait, as they were able to refine the design to a world-class standard not seen anywhere else in the country.
In fact, the redevelopment in its final form is something more akin to what you would find emerging now in places like Singapore.
“I feel like now I have a few projects where I can legitimately say, at the risk of hyperbole, that it’s amongst the best work going on in the world today,” Ian Gillespie, founder of Westbank, told Daily Hive at the project’s exhibition at Whistler’s Audain Art Museum.
Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the Empty Homes Tax.
Failure to declare by February 2, 2018, will result in your property being deemed vacant and subject to a tax of 1% of its assessed taxable value.
This declaration is for the year:
- Beginning: January 1, 2017
- Ending: December 31, 2017
The information you provide on your declaration will determine if your property is subject to the Empty Homes Tax for this period.
Canada has once again ranked as the number two overall country in the world to live in.
The number two ranking is out of a list of 80 countries, and Canada only trails behind Switzerland at number one.
Canada also came in at number one for quality of life and number four for citizenship.
The quality of life sub-ranking is based on several factors: affordability, job market, economic stability, family-friendliness, income equality, political stability, safety, and quality of public services such as the healthcare and school systems.