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Swire Properties Inc. is seeking $100 million for the penthouse atop a 66-story tower on Brickell Key island, as developers compete over who will smash the record for most expensive condo in Miami.
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Sep 12, 2016
By Greg Bonnell
Real estate is one of those rare business stories that almost every Canadian is passionate about.
For most Canadian home owners, that home is their most important financial asset and they want to know where prices are headed. As for those on the outside looking in, they’re wondering whether they’ll ever see an opening.
These are among the big themes we’ll explore on “House Money,” BNN’s new weekly national real estate news program launching Tuesday Sept. 13 at 5:30 p.m. ET (2:30 p.m. PT). The show will be replayed at 7 p.m. ET and 9 p.m. ET.
When I started covering real estate for BNN two years ago, there were three “hot” markets – Toronto, Vancouver and Calgary. The crash in crude oil showed us how a housing market comes under strain when fundamentals are eroded, when an economy shrinks and the jobless rate soars.
Now the Vancouver market is facing what could be a transformative challenge – a new 15 per cent tax on foreign buyers at a time when affordability is at crisis levels.
The next several months will be critical for the city’s real estate market. What effect will the tax have? Will the rapid decline in home sale transactions be followed by a correction in prices? How influential is foreign money?
In short, has the Vancouver market peaked?
Vancouver at a crossroads is the focus of our first installment of “House Money.” Among the highlights of Tuesday’s show, we’ll hear from a Vancouver native who was planning a return with her British husband only to have the new foreign buyers' tax price them out of the market.
While Vancouver promises to dominate headlines, “House Money” will also bring you stories from across Canada’s housing market.
We hope you join us as “House Money” digs for a deeper understanding of a key pillar of Canada’s economy – your home.
Get in touch with House Money at housemoney@bnn.ca
