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B.C. Liberal Leader Andrew Wilkinson has proposed imposing provincial capital gains taxes on those who flip pre-sale condos before construction has been completed. His Strata Pre-Sale Contract Flipping Tax Act 2018 would replace the NDP government's "speculation" tax if a majority of MLAs were to vote in favour. (The Georgia Straight)
Almost six in 10 Canadian millennials are already homeowners, with more of this age group planning to buy a home in the next two years, according to a Genworth Canada survey released May 7. (Vancouver Courier)
Municipal Affairs Minister Selina Robinson tabled legislation Monday to give the TransLink Mayors’ Council the authority it needs to impose new development cost charges. The mayors plan to raise $20 million a year to cover costs of their 10-year service plan. (BC Local News)
The Hudson’s Bay Company and its minority partner RioCan, a real estate investment trust firm, have signed a conditional agreement to sell their downtown Vancouver store for about $675 million, according to a Reuter’s news report. (Vancouver Sun)
“In April, the national trend in housing starts remained stable at historically elevated levels, with lower starts of single-detached dwellings offsetting higher starts of multi-unit dwellings,” said Bob Dugan, CMHC’s Chief Economist. “Notably, the national inventory of newly completed and unabsorbed multi-unit dwellings has been stable over the same period, indicating that demand for this type of unit has absorbed increased supply." (Canada Mortgage and Housing Corporation)
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