The most expensive housing market in the world: Vancouver levies a $10,000 a year tax on empty homes. Not telling the truth and it becomes $10,000 a day.

Jon Blogosphere, Market Commentary, Real Estate

While many areas of the US are now back near housing bubble territory after correcting, Canada never corrected and today has seen real estate values inch into the stratosphere. Global wealth, largely from China is fueling the flames of the Canadian housing bubble. While many that live in areas like Vancouver are frustrated in finding a rental or even affording a home, thousands of homes sit empty. Why? Because extremely wealthy foreigners use real estate as an exit hatch in various nations. These homes simply become trophies for the globally connected. Vancouver is taking some action levying a $10,000 a year tax on homes that sit empty. This might seem odd to you that a home would simply sit empty but this is the case in many high priced markets. Let us look at the most inflated housing market in the world.
Canadian housing market
The Canadian housing market is deep into bubble territory. It has been for years but bubbles can inflate well beyond logical comprehension. While the US had its own housing bubble, there was a significant correction. Canada on the other hand never endured any sort of correction.

This post was published at MyBudget360 on November 13, 2016.