Canada’s budget watchdog is taking a second look at Ottawa’s new tax on underused housing that critics hope will lead to a last-minute reprieve for U.S. cottage owners. A spokesman for Niagara Falls MP Tony Baldinelli says the Parliamentary Budget Office has agreed to review its initial 2022 analysis of the measure. New York congressman…
Budget Watchdog Reviewing Underused Housing Tax Again as US Critics Push for Relief
Changing Amortization, Cap on Insured Mortgages Not the Answer to Affordability: CMHC
The head of Canada’s housing agency says measures such as extending mortgage amortizations and changing the threshold to qualify for an insured mortgage are not the answer to the country’s housing affordability challenges. Even though homeowners have seen a rapid increase in what they are paying to cover mortgages as interest rates have risen, Canada…
Ontario and British Columbia Headed for a Buyer’s Market, RBC Says
High interest rates will continue to hold back homebuyers into the new year, except in Ontario and British Columbia, a new report by RBC says. The report released Thursday said those purchasing real estate in Ontario and B.C. in 2023 will hold a stronger hand as conditions in these provinces continue to favour buyers as…
TD Bank Sees up to 25% Drop in Canadian Home Prices by Early 2023
A new TD Bank report suggests the average price of a home in Canada could fall between 20 and 25 percent from its peak seen earlier this year to the first quarter of 2023. The report released Monday comes as a decrease in prices materialized in the summer as mortgage and interest rates rose. Many…
BC Township Ordered to Pay Man for Selling His Property Without Telling Him
A British Columbia resident has been awarded about $350,000 in compensation from the township of Spallumcheen. Anthony Brent Morgan, a 57-year-old carpenter, lost his home when the local government sold it in September 2017 for “pennies on the dollar” without telling him. According to the summary given in court documents, Morgan had become the registered owner…
Local BC Township Ordered to Pay Man for Selling Property Without Telling Him
A British Columbia resident has been awarded about $350,000 in compensation from the township of Spallumcheen. Anthony Brent Morgan, a 57-year-old carpenter, had lost his home when the local government sold it in September 2017 for “pennies on the dollar” without telling him. According to the summary given in court documents, Morgan had become the registered…
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