Business

Nova Scotia realtors oppose new federal law on non-resident homebuying

Published

2 years ago

January 3, 2023

Nova Scotia realtors say a new federal law that bans non-Canadian citizens from buying a home will only slow down an already-slow housing market in this province.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act came into effect on Jan. 1. It prevents non-Canadians from buying a home in the country for the next two years and expires in 2025.

The intent of the law is to close the door on foreign investors who buy Canadian real estate, sometimes leaving homes vacant or underused, while driving prices up.

But it’s a move that sales representative Angela Cowan of Exit Real Estate Professionals in Halifax says will only make a cold Nova Scotia market even cooler.

“When Canadians are suffering, I don’t think anybody should be allowed to come from outside of Canada and be able to purchase or scoop up five, six, seven or 10 houses,” Cowan said.

Instead Cowan says they should only be allowed to purchase one. She says about 30 per cent of her sales over the past two years have been to non-Canadians.

“I’ve sold a lot of homes this year to Canadians, but I’ve sold a lot of homes to foreigners and they also contribute to our market.… If they can afford it, why shouldn’t they be allowed to buy real estate if they want — if they’re allowed to live here?”

Most importantly, she says, Nova Scotians who can’t afford to buy a home will still not be able to afford one while the new two-year law is on the books.

“I don’t think it’s going to have any impact but a negative impact for Nova Scotia,” Cowan said. “And the other side of that is one of the things that we’re lacking right now is doctors. And where are these doctors coming from?”

The act was introduced in the House of Commons in April of 2022. Among the exceptions are temporary residents studying in Canada if they:

Are enrolled in a program of authorized study at a designated learning institution as defined in the Immigration and Refugee Protection Regulations.
Have filed income tax returns for each of the five taxation years preceding the year in which the purchase was made.
Have been physically present in Canada for a minimum of 244 days in each of the five calendar years preceding the year in which the purchase was made.
Have not previously purchased a residential property in Canada while the prohibition is in effect.
Purchase a property for a price not exceeding $500,000.

There is also an exception for temporary residents working in Canada, if they:

Hold a valid work permit or are authorized to work in Canada.
Have worked full-time in Canada for at least three years within the four years preceding the year in which the purchase was made.
Have filed income tax returns for three of the four taxation years preceding the year in which the purchase was made.
Have not previously purchased a residential property in Canada while the prohibition is in effect.

For now, the Nova Scotia Association of Realtors (NSAR) is advising its members about how to deal with the new law. In a statement to its members the association said it is “extremely disappointed by the government’s decision to move forward with this legislation and the poorly timed roll-out of the regulations.”

“Members of Parliament that supported the introduction of this measure need to recognize that it will have a detrimental impact on Canada’s reputation, labour market, economy and severely hinder our ability to attract global talent.”

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

6 hours ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

6 hours ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

6 hours ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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