The Bank of China disclosures show that B.C. now represents 10 per cent of its total residential lending in Canada compared with 20 per cent in 2015. Ontario accounted for 90 per cent of its Canadian loans compared with 74 per cent six years ago.
The province imposed a 15 per cent tax on foreign buyers of real estate, and Vancouver imposed a 1 per cent tax on homes that were empty for more than six months. The foreign buyer’s tax is now 20 per cent and the empty home tax is 3 per cent. B.C. also introduced its own provincewide vacant home tax with foreign owners required to pay a higher rate.In contrast, Ontario was a bit slower to impose its foreign buyer tax.
Foreign-owned property declined in B.C. from 2019 to 2020 and was a steady 2.2 per cent in Ontario over the same period, according to the Canadian Housing Statistics Program, which analyzed property assessments, land-registry data and tax filings. In Ontario, Toronto was the city with the highest foreign-ownership rate, at 3.8 per cent of all residential real estate in 2020 compared with 3.7 per cent in 2019, according to CHSP.
Is the Bank of Canada allowed to operate in China? Oh yeah,there aren’t millions of Canadians in China! Not like the millions of Chinese our wonder boy Justin and his cronies have allowed into Canada!!
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