How policy makers can put a lid on skyrocketing Canadian home prices
Rapidly rising home prices in many Canada’s housing markets is pushing ownership further out of reach for many first-time buyers.
Prices are up as much as 35 per cent or more in some suburban and rural neighbourhoods outside of Toronto and Vancouver. Measures like a capital gains tax on a primary residence, higher interest rates and guidance changes from the Bank of Canada, stricter mortgage rules, and changes to the bidding process are among the possibilities.
We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone buying or selling a home.
They shared their thoughts on how effective a number of policy measures could be to put a lid on through the roof prices.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.
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