As a result of damning allegations such as this,
VICE –
Canada’s freakshow real estate market has been drawing a lot of international attention as of late. A few weeks back I talked to an infamous Wall Street short seller who is betting against one Canadian mortgage lender, and claims our housing bubble may …
Image SourceAnd overwhelming public complaints like these,
CBC.ca –
Trevor Wilkie faces every day with the dread that he’s about to lose his family home in Surrey B.C.. The townhouse the single father rents with his two children and dog is for sale.
Globalnews.ca–
Many have been complaining about how our red hot real estate market in Metro Vancouver is pricing them out – but now a doctor from Chilliwack has decided to take on the government through an open letter.
Plus, online casual rental facilitators like Airbnb/Trip Advisor who are accused as part of the rental housing shortage problems …
CBC.ca – Jul 25, 2016
“It’s considered one of the best cities now in the world and people are coming from everywhere, and I think this is a product of that,” said Toronto real estate agent Amanda Rix, estimating that a detached four-bedroom home in the Beach could easily …
The government gotta take some drastic actions very quickly, lest they get wiped out in the coming election,
CBC.ca –
The B.C. government introduced legislation Monday that would add a 15 per cent property transfer tax on foreign nationals buying real estate in Metro Vancouver. The new rules would take effect Aug. 2 and apply to purchases of homes in Metro Vancouver, …
It does look like the government is serious about correcting the (socially sensitive) housing problems. They even asked banks to conduct “Housing Crash Drills” …
Reuters Canada – Jul 26, 2016
The move, which builds on an existing requirement that banks test their resilience to a 30 percent decline in home pricesacross all regions, is the latest in a series of measures byCanadian authorities to counter a risk posed by soaring house prices …
What can we make up of the ongoing phenomenon? A market correction is in the making?
Maybe not.
They have done that many times before, the only difference is the previous “shows” were … milder. And all we know is the market continued to fly after a short stint of the “mild correction” – So mild like it never even happen before.
Long live Canadian Real Estate … Hail the “real” Lord!