Canada’s foreign buyer ban has been in effect for hours, so it’s time to start loosening it, no? Just 86 days after passing restrictions on non-resident buyers, the country has quietly loosened restrictions for non-resident investors, and temporary residents. Most likely because the ban was largely just a distraction from the speculation coming from inside […]
Canadian real estate owners are stuck paying a buttload in penalties after trying to avoid taxes owed. New data from the Canada Revenue Agency (CRA) shows their crackdown on real estate owners/sellers has led to billions in recouped revenue. Data provided by the agency also shows they’ve collected substantial fines adding up to hundreds of […]
Canadian real estate has long been a safe place for global investors to park cash. Low scrutiny, few barriers, and little to no data collection on ownership, made it ideal. Statistics Canada (Stat Can) non-resident owner data from the Canadian Housing Statistics Program (CHSP) shows just how popular it was in 2020. The program, mostly […]
Canadian passports were once prized trophies for entrepreneurs, but times are changing. That’s the takeaway from the 2022 edition of the Passport Index. The Index is produced by Nomad Capitalist, a global consultancy for high net-worth entrepreneurs that happens to have over 400k Youtube subscribers. They only gave Canada a minor drop in score, but […]
Ontario’s non-resident speculation tax (NRST) is expanding in size and location. The NRST was a 15% tax on the purchase of residential real estate in the Golden Horseshoe (Greater Toronto). As of March 30, 2022, it’s now 20% and applies to the whole province. Low revenues might have some believing it hasn’t been very effective, […]
Canadian politicians promoted a number of housing affordability measures during their campaign. The ones played up the most were vacancy taxes and non-resident speculation measures. Now that they’re in office, they aren’t so keen on actually implementing any of them. This might be due to a piece of paper buried pre-election — a threat of […]
Last week we took a dive through non-resident ownership data across provinces. Today we’re going to break down similar Statistics Canada (Stat Can) for cities. We ranked cities by the highest rate of non-resident ownership for 2020. Almost every city in the Stat Can treasure trove had a significant non-resident ownership rate. Transfer data traditionally […]
Canadian real estate might have a lot more foreign owners than previously thought. Diving through Statistics Canada (Stat Can) data, we found non-resident participation in homeownership soared in 2020. Non-resident buyers have a small share in property transfer records, but foreign capital is pouring in. In the four provinces tracked, about 1 in 10 recently […]
Time for your weekly cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Housing Investment Is Falling, And Will Be A Drag The Economy: BMO Canadian real estate investment is starting to slow, and a big bank thinks it’s just the beginning. The GDP sub-component of residential investment made an annualized decline […]
Canadian tax authorities confirmed they knew about illicit foreign capital inflating real estate. They first found out over two decades ago, but only confirmed it to the South China Morning Post (SCMP) this week. A whistleblowing, retired auditor first told SCMP journalist Ian Young about the report in 2016. He waited half a decade for […]
