Housing Slowdown

“This is the first housing slowdown that was government induced,” says Peter Kinch “There has been a lot of talk about affordability in our market, so both at the federal level and provincial level, they are looking for ways to deal with this lack of affordability in the housing market.”

The Federal government came in with a two per cent stress test and new mortgage rules, with the BC Provincial government introduced the Foreign Buyer’s Tax and the Speculation and Vacancy Tax. “That has had a bigger impact than anything we’ve seen in years,” says Kinch.

Source: globalnews.ca / bc housing recession report