{"id":8711,"date":"2018-04-03T09:22:03","date_gmt":"2018-04-03T16:22:03","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8711"},"modified":"2018-04-03T09:10:46","modified_gmt":"2018-04-03T16:10:46","slug":"bcs-new-property-taxes-will-drop-national-resales-by-3-7-this-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/bcs-new-property-taxes-will-drop-national-resales-by-3-7-this-year\/","title":{"rendered":"BC&#8217;s New Property Taxes will Drop National Resales by 3.7% This Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home sales are expected to drop this year and BC\u2019s new property taxes could be partly to blame.<\/p>\n<p style=\"text-align: justify;\">In February, the BC government unveiled its 2018 budget which includes a new housing plan to address eroding affordability in the province \u2014 particularly in Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">The plan features a new speculation tax, along with a 5% increase to the already existing foreign buyers tax.<\/p>\n<p style=\"text-align: justify;\">According to RBC Senior Economist Robert Hogue, BC\u2019s new housing policies could play a minor role in dampening national home sales this year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe do expect that home resale activity at a national level will slow down for a second consecutive year and this is going to be partly because of policy measures that are designed to slow down the market,\u201d Hogue tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">\u201cBC might move the national needle to a certain extent but probably not that much,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">RBC predicts that national resales will drop 3.7% to 497,400 units this year.<\/p>\n<p style=\"text-align: justify;\">To Hogue, the main contributors to this decline are stricter mortgage regulations and interest rate hikes.<\/p>\n<p style=\"text-align: justify;\">However, Hogue notes that at the end of 2018, it will be difficult to decipher which factor weighed the most on national resale activity.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s going to be difficult from a national point of view to disentangle the effects of various factors, including those measures in BC, but also measures that affect other regions as well,\u201d says the RBC economist.<\/p>\n<p style=\"text-align: justify;\">The results of a recent Reuters survey echoes Hogue, with market analysts saying that rising borrowing costs and new government policies will slow down turnover in Canada\u2019s housing market this year.<\/p>\n<p style=\"text-align: justify;\">Eleven out of 15 respondents expect turnover to be lower in 2018 compared to 2017 and none of those surveyed said turnover would be higher.<\/p>\n<p style=\"text-align: justify;\">Along with easing sales, respondents believe that home prices will rise 2.5% nationally this year, faster than the 1.9% predicted in a December poll.<\/p>\n<p style=\"text-align: justify;\">The faster than expected rise in prices is attributed to a forecasted drop in housing starts this year in a market that already faces limited supply.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/04\/bcs-property-taxes-stunt-national-sales.html\" target=\"_blank\" rel=\"noopener\">How Much Will BC&#8217;s New Property Taxes Stunt National Home Sales This Year?<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home sales are expected to drop this year and BC\u2019s new property taxes could be partly to blame. In February, the BC government unveiled its 2018 budget which includes &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/bcs-new-property-taxes-will-drop-national-resales-by-3-7-this-year\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8711","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC&#039;s New Property Taxes will Drop National Resales by 3.7% This Year &#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\/2018\/04\/bcs-new-property-taxes-will-drop-national-resales-by-3-7-this-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC&#039;s New Property Taxes will Drop National Resales by 3.7% This Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home sales are expected to drop this year and BC\u2019s new property taxes could be partly to blame. 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