Home Builder Canada Readers survey
newsletter
NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line



External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

Foreign buyers not needed or wanted: RBC

March 13, 2018


David McKay

Foreign-home buyers are not needed or wanted in Canada, the president and CEO of RBC—Canada’s biggest bank—told a New York investors conference last week.
David McKay said that Canada didn’t need the kind of foreign investment where an asset sits empty doing nothing productive.
Foreign capital is among the factors fuelling the home price surge in Toronto and Vancouver, McKay said, adding he supports taxation to stem the flow.
In the BC Budget released February 20, the provincial government raised the foreign-home buyer tax from 15 per cent to 20 per cent, and expanded it from Metro Vancouver to Vancouver Island and the central Okanagan. Ontario has also levied a tax on foreign-home buyers.
McKay added that measures already taken to cool the hottest markets are taking effect, with demand weakening and prices stable despite some intensive bidding remaining.
“We do not need foreign capital using Canadian real estate as a piggy bank,” McKay said.
According to a federal government study, foreign homebuyers account for less than 1 per cent of all home purchases in Canada, but it spikes above 4 per cent in parts of Metro Vancouver and Greater Toronto.


 


homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue