Daily Market Update

by Jamie Henry25 May 2015
Condo king calls for tax on flipping homes
Bob Rennie, the ‘condo king’ of Vancouver says that there should be a new tax on those who speculate on the property market. CBC reports that Rennie suggested the idea to an audience at the Urban Development Institute saying that there could be a sliding scale of tax rates depending how quickly properties were flipped. He said that as banks won’t finance condos until the development is 60 per cent sold and it then takes some time to build, by the time the owners are able to move in that they choose to sell up instead due to the rise in market value. Rennie told reporters later that he did not agree on taxing foreign ownership but that speculation should be discouraged.
Hundreds protest over Vancouver housing affordability
Downtown Vancouver saw hundreds of protesters take to the streets angry at the increasingly unaffordable housing in the city. Politicians, housing advocates, academics and young professionals were among those who want more to be done to avoid pricing Vancouverites out of the city. The demonstration was also on Twitter where the hashtag #donthave1million reflected the view that without being able to get a million dollar mortgage many would-be buyers will be unable to buy their own home. The event was organised by a group called Generation Squeeze who are focused on the issues of those in the 40’s and younger; organisers believe there were around 300-400 at the rally.
Former PM’s house finally sells
The home of former Prime Minister Brian Mulroney has finally sold having been on the market since 2013. The Westmount mansion with five bedrooms and five bathrooms was marked as sold by the online website that had the listing. The selling price was $5,799,999 – some way short of the original asking price of $7.9 million. The home was bought in 1993 and registered in Mulroney’s wife’s name although an exact purchase price is unknown as it was not a requirement to record that data then; the price is shown in records as $1.
Would updating your home save on insurance costs?
It’s not only potential buyers who may be put off by some ageing features of homes; insurance companies aren’t too keen either. The Financial Post reports that features such as oil-fuelled heating systems can add to the cost of premiums with insurers preferring more efficient and safer electric or forced-air systems instead. Other things likely to make your home an insurance liability are aluminium wiring, lead pipes and shingle roofing. While a swimming pool can be an attractive feature it is also likely to add to insurance costs due to the additional cost of potential rebuilding. 

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