Provinces launch 'full-scale attack' on home prices — but it likely won't be enough to slay housing dragon — via financialpost Canada RealEstate supply homeprices Mortgages
to 20 per cent and expanded its coverage across the province. Nova Scotia also set its sights on non-resident taxes as more demand comes in from outside the province.
“Ultimately, to realistically work towards controlling price appreciation, it’s supply. That’s purely what it is,” Ash said.A similar measure had been previously rolled out for pre-construction condominiums, allowing buyers a seven-day period to reconsider their decision. While Ash said the measure had no impact on condo valuations, it would be an apples to oranges comparison with the resale housing market.
Steve Saretsky, a real estate specialist at the Vancouver-based Saretsky Group, said the government’s aim should be to promote transparency in the house-hunting process, something that would ease the competitive frenzy that leads buyers to make rash decisions. The cooling off period, he said, could come with some unintended consequences.
For John Pasalis, president of Toronto-based real estate analytics firm Realosophy Realty Inc., the policy focus should be on creating more supply.“I don’t think these foreign buyer taxes … are bad, they’re just not the solution,” Pasalis said. “Certainly, the bigger policies that the provinces can be focusing on are things like obviously increasing density, adding supply, probably doing some sort of provincial ban on things like Airbnb — those types of things.
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