Luxury housing sales down in Toronto and Vancouver, up in Montreal [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Luxury housing sales down in Toronto and Vancouver, up in Montreal Luxury home sales fell in the two formerly hot housing markets of Vancouver and Toronto, as well as Calgary, in the first couple months of the new year, according to data released Wednesday by Sotheby's International Realty Canada. That downward trend, however, stopped at Montreal, a new real estate darling that's likely to set new records this year. "All markets in Canada have faced the same headwinds from interest rates and stress testing," said CEO Brad Henderson, citing the new stress test, which requires borrowers to prove that they can service their uninsured mortgage if lending rates rise above a certain threshold, that came into effect January 2018. However, Vancouver and other parts of British Columbia have faced additional policy measures, he said, listing off a five per cent hike in the foreign buyers' tax, as well as a speculation and vacancy tax, and an additional school tax on properties valued at more th
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