Vancouver has remained consistently on the top spot on the list of most expensive cities to live in. This is due to a lot of factors. Last year for example, Vancouver introduced a 15% foreign home buyers Tax. The TAX was meant to discourage foreign investors from speculating on the housing market. Although there is no data available to prove that foreign investors are a factor or contributing to the red hot housing market. Although the amount of sales unit slowed but house prices didn’t drop in Vancouver.
In fact house prices in Vancouver today are up over 3% in value and still climbing. This shows that maybe foreign home buyers are not the reason for house values going up so much.
The Ontario Government has passed the Home Inspection ACT 2017, which introduces minimum standards for home inspection contracts, Home Inspection reports, disclosures and the performance of home inspectors. This new legislation will now require professionals to be licensed and insured before conducting Home Inspection.
Moreover, written contracts must be signed with the owners of the inspected properties and written reports delivered after Inspection. Industry players have praised the enactment of the bill.
Canadian Association if Home and Property Inspectors President Graham Clarke noted that the legislation will hopefully pave the way for a greater emphasis on Inspection as a vital part of the Home purchase process.