{"id":6084,"date":"2017-06-07T10:10:24","date_gmt":"2017-06-07T17:10:24","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6084"},"modified":"2017-06-01T10:45:24","modified_gmt":"2017-06-01T17:45:24","slug":"what-more-can-policymakers-do-to-cool-canadian-housing","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/06\/what-more-can-policymakers-do-to-cool-canadian-housing\/","title":{"rendered":"What More Can Policymakers Do to Cool Canadian Housing?"},"content":{"rendered":"<p style=\"text-align: justify;\">The International Monetary Fund suggests policymakers\u2019 work may not be done in terms of cooling the Canadian housing market.<\/p>\n<p style=\"text-align: justify;\">Specifically, the IMF says policymakers should look at both macroprudential measures, which address the financial system as a whole, and taxes to target \u201cspeculative and investment activity.\u201d<\/p>\n<p style=\"text-align: justify;\">The Fund suggests provincial and federal levels of government work together more and intensify efforts to gather data on real estate activity and ownership info.<\/p>\n<p style=\"text-align: justify;\">\u201cTackling housing market imbalances should be a joint responsibility of both the federal and provincial authorities given the regional divide in housing imbalances,\u201d says the IMF in a recent statement on the Canadian economy.<\/p>\n<p style=\"text-align: justify;\">To wit, excluding the Greater Toronto Area and Greater Vancouver shaves more than $150,000 off the average national home price, which was $559,317 in April, according to the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">That\u2019s up 10.4% compared to the national average in April 2016.<\/p>\n<p style=\"text-align: justify;\">Should the economy take a turn for the worst, the IMF prescribes fiscal stimulus as \u201cthe first line of defense.\u201d<\/p>\n<p style=\"text-align: justify;\">Cutting the historically low overnight rate further could increase vulnerabilities related to ballooning household debt, the IMF notes, but adds the risky maneuver might \u201cbecome necessary if there is a significant contraction in economic activity.\u201d<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s economy has become increasingly dependent on housing-related activity, whether it be from construction and renovation or finance and insurance.<\/p>\n<p style=\"text-align: justify;\">Meantime, the Fund also calls into question previous attempts by provincial governments to rein in markets in Ontario and BC.<\/p>\n<p style=\"text-align: justify;\">IMF says BC\u2019s foreign-buyer tax for Metro Vancouver \u201cdiscriminates against non-resident buyers,\u201d as does Ontario\u2019s for the Greater Golden Horseshoe.<\/p>\n<p style=\"text-align: justify;\">\u201cNon-resident activity is not the sole driver of housing prices, as residents also contributed to the spike in prices,\u201d reads the IMF report.<\/p>\n<p style=\"text-align: justify;\">The Fund suggests swapping out these taxes in favour of broader tax-based measures.<\/p>\n<p style=\"text-align: justify;\">\u201cThis could include a combination of prudential and tax-based measures that discourage speculative activity without discriminating between residents and non-residents,\u201d the report continues.<\/p>\n<p style=\"text-align: justify;\">Some observers have called for a home-flipping taxes for Vancouver and Toronto, while at least one Toronto realtor suggests applying a special tax on buyers snapping up second or third homes.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/06\/can-policymakers-cool-canadian-housing.html\" target=\"_blank\" rel=\"noopener noreferrer\">IMF : What More Can Policymakers Do to Cool Canadian Housing?<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund suggests policymakers\u2019 work may not be done in terms of cooling the Canadian housing market. Specifically, the IMF says policymakers should look at both macroprudential measures, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/what-more-can-policymakers-do-to-cool-canadian-housing\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-6084","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What More Can Policymakers Do to Cool Canadian Housing? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/what-more-can-policymakers-do-to-cool-canadian-housing\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What More Can Policymakers Do to Cool Canadian Housing? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The International Monetary Fund suggests policymakers\u2019 work may not be done in terms of cooling the Canadian housing market. 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