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From 2003 to 2018, Canada saw an increase in home and property prices of up to 337% in some cities. [2] In 2016, the OECD warned that Canada's financial stability was at risk due to elevated housing prices, investment and household debt. [3] By 2018, home-owning costs were above 1990 levels when Canada saw its last housing bubble burst. [4]
Strata properties are a popular housing choice in B.C. because it is convenient, provides security and added amenities and is usually less costly than buying a single-family home. [5] As the price of single-family housing has soared to unprecedented levels in Vancouver, the number of new condominium sales has increased, along with prices ...
Bill 28, the Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016, is a British Columbian law that came into force on August 2, 2016. The law was introduced after calls urging the British Columbia provincial government to intervene in the housing market and curb foreign investment that was seen as a major contributor to the rapid rise in home prices.
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A factor explaining the high property prices may be policies by the Canadian government which permit snow washing, which allows foreigners to buy property in Canada while shielding their identities from tax authorities, making real estate transactions an effective way to conduct money laundering. [164]
Canadian property law, or property law in Canada, is the body of law concerning the rights of individuals over land, objects, and expression within Canada. It encompasses personal property , real property , and intellectual property .
Concert Properties is the largest developer of rental housing in Western Canada, [3] with properties in the Greater Toronto Area, Metropolitan Vancouver and Victoria, British Columbia, including 7,600 homes, 500,000 square feet of commercial space, 18 police facilities in Ontario, and three Tapestry retirement communities.
By 2011 these wealthy Mainland Chinese investors were buying property in Vancouver, [49] with the westside of Vancouver, including Dunbar, Point Grey, and Shaughnessy, being the primary focus. Many of the new buyers chose to destroy earlier houses originating from the 1940s and 1950s instead of renovating them, and in their places newer houses ...
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