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DewDiligence

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DewDiligence

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Friday, 04/21/2017 11:16:03 AM

Friday, April 21, 2017 11:16:03 AM

Post# of 29598
Law of Unintended Consequences strikes again:

https://www.wsj.com/articles/toronto-policy-makers-struggle-to-curb-rising-home-prices-1492680600

British Columbia authorities slapped a 15% tax on foreign buyers last July to curb a run up in Vancouver, where house prices rose 30% in a year. Almost immediately, sales in Vancouver plummeted—and took off in Toronto, Canada’s largest city and 2,700 miles to the east.

…As of March, a 28.6% rise from a year earlier pushed the average cost of a Toronto home to just under C$1 million ($750,000), up from $558,000 just three years ago…

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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