The B.C. government has said the 15-per-cent tax is aimed at addressing skyrocketing real estate prices in Metro Vancouver, the province's most densely populated region. The levy came into effect Aug. 2, days after it was announced, sparking a frenzy of last-minute activity as buyers and sellers rushed to close deals.
The idea of a starter home may be a thing of the past in Toronto and Vancouver, as an increasing number of homeowners looking to "trade up" are finding themselves priced out of the market, according to a new report from the TD Bank Group.
Over the last few years homeowners in Toronto and Vancouver have watched the values of their homes skyrocket. But some parents are now wondering if their children will ever be able to afford properties in the cities where they grew up.