"Luxury tax" on property flippers might not be the solution to the housing affordability issues in the City of Vancouver. Most property flippers are purchasing properties from sellers with insufficient funds or inclination to carry out any mechanical, structural or cosmetic upgrades. By doing so they serve an important economic function of recycling older housing stock and providing funds to the sellers wishing to liquidate their assets.
Mortgage interest rates expected to trend upwards in 2015
Home mortgage interest rates are expected to trend upwards in 2015. This is primarily because of the anticipated growth in the economy as well as employment during the rest of 2014. It should be noted that, in spite of stronger global and domestic economic growth in the first half of 2014 the overnight interest rates were not revised upwards (at the end of second quarter 2014) by the Bank of Canada.
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