China Property Woes Deepen With Vanke Slump, Country Garden Halt
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
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One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
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Sep 26, 2017
The Canadian Press
TORONTO — The Toronto Real Estate Board is urging the city to exercise caution regarding a possible vacant home tax.
The board says it's worried there is not enough data or evidence to support the idea that a vacancy tax would increase the supply of rental housing.
It urged the City of Toronto to take a measured approach to help to avoid any unintended consequences for the housing market and property owners.
The board also raised the issue of private property rights and the administrative challenges.
The Ontario government moved earlier this year to cool the Toronto housing market including the imposition to a foreign buyer tax and other changes.
The move followed the introduction of a tax on foreign homebuyers in the Vancouver region last year. The City of Vancouver also imposed a tax on vacant homes.