Canada’s Hottest Real Estate Market to End Self Regulation
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British Columbia government backs higher fines, empty-home tax
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Vancouver detached house prices have jumped 37% in a year
Canada’s province of British Columbia will end self regulation of the real estate industry as government officials move to rein in unethical practices that may be stoking home prices in Vancouver, one of North America’s fastest-appreciating cities.
“The real estate sector has had 10 years to get it right on self regulation and they haven’t,” Premier Christy Clark said at a news conference Wednesday. “So we are going to end the right to self regulate.”
The moves follow recommendations released Tuesday by an independent panel to impose tougher oversight and greater transparency in the industry. Public pressure for a crackdown has been mounting in Vancouver, where the price of a typical detached home rose 37 percent in the past year to top C$1.5 million ($1.2 million)…
Canada’s Hottest Real Estate Market to End Self Regulation
