Canada column for Sunday, April 10/22
THE CANADIAN REPORT
By Jim Fox
The door has been slammed shut on foreigners wanting to buy up houses in Canada for profit while impacting the supply and cost for people living here.
Calling it an “affordability crisis” with a limited supply of housing, the government of Liberal Prime Minister Justin Trudeau in its budget has banned non-Canadians from buying residential properties for two years.
Refugees, international students wanting a permanent residence and those with work permits are exempt.
As promised, the government said it will continue to oversee the impact foreign money is having on housing costs and will strengthen the ban if necessary.
The budget also outlines plans for creating a tax-free First Home Savings Account that would give first-time homebuyers the ability to save up to $40,000 towards a house.
It also calls on Canada Mortgage and Housing Corp. to develop 100,000 new housing units and set aside $1.5billion over two years to create 6,000 affordable units.
Starting on May 7, the government will tax house flippers who buy properties to renovate and put them back on the market less than a year later for quick gains.
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Toronto area doctors are at odds with the Ontario government over relaxed COVID public health measures.
The number of cases has been growing in a sixth wave of the virus since the province lifted mask mandates and public gathering limits in March.
Dr. Kieran Moore, the province’s Chief Medical Officer of Health, is no longer giving daily updates to guide residents.
Premier Doug Ford, who faces an election on June 2, said the recent rise in hospitalizations is “a little spike” while Toronto’s medical officer, Dr. Eileen de Villa, has called for the wearing of masks in most settings, a move endorsed by Mayor John Tory.
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News in brief:
- Tributes are pouring in for famed musical conductor Boris Brott who was killed by a hit-and-run driver in Hamilton, Ontario. He was78 and the artistic director and conductor of the Montreal Classic Orchestra. “He was an extraordinary ambassador of classical music, recognized beyond our borders, a mentor to countless young musicians and a very dear friend to many among them,” an orchestra notice said.
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Facts and figures:
Canada’s dollar is lower at 79 cents U.S. while the U.S. dollar returns $1.25 in Canadian funds, before exchange fees.
The Bank of Canada’s key interest rate is steady at 0.5 percent while the prime lending rate is 2.7 percent.
Canadian stock markets are lower, with the Toronto index at 21,834 points while the TSX Venture index is886 points.
The average price for gas in Canada is lower at $1.70 a liter or $6.46 for a U.S. gallon in Canadian funds.
Lotto Max: (April 5) 14, 24, 34, 39, 43, 48 and 50; bonus 20. (April 1) 7, 10, 18, 29, 38, 43 and 50; bonus 41.
Lotto 6/49: (April 6) 2, 8, 9, 16, 39 and 49; bonus 21. (April 2) 5, 12, 15, 29, 42 and 44; bonus 38.
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Regional briefs:
- After a two-year hiatus due to the pandemic, hundreds of cruise ships will be again visiting Canada, leaving residents near the cruise ship terminals in Victoria and Vancouver concerned that the virus will spread with all of the visitors. The first scheduled arrival of the season was canceled after several outbreaks were reported on the Caribbean Princess. There are 358 cruise ships with 780,000 passengers expected in British Columbia this season.
- Quebec’s coveted maple syrup harvest was too much to resist for one of the ringleaders in the theft of $18 million of the liquid gold. The Supreme Court of Canada raised the fine for Richard Vallieres, who is serving an eight-year prison term, for the 2016 heist to the value of the stolen syrup at $9.1-million. Court was told 9,500 barrels of syrup were stolen from a warehouse over two years and he sold it for $10 million.
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