Rooftops of houses in the Kitsilano neighbourhood and the downtown core are seen in the hot real estate market of Vancouver in 2017. The B.C. budget says owners seeking an exemption from the new tax would have to show their properties qualify as long-term rentals.CHRIS HELGREN/Reuters
Good morning,
These are the top stories:
Canadians with B.C. vacation homes to be hit with new tax
The province's new property tax targeting out-of-province owners will hit Albertans and other Canadians who have vacation homes there with a big additional bill of thousands of dollars. One of the primary measures in the B.C. budget was the introduction of what the government is calling a speculation tax, aimed at foreign and domestic property owners who are parking capital in real estate and driving up prices in the province. It would apply to owners who do not pay income tax in British Columbia. A typical vacation home that is used several times a year but is otherwise empty would not be exempt. "If you are from outside the province and you leave your home vacant, you will be taxed," B.C. Finance Minister Carole James said.
The changes to real estate taxes are part of B.C.'s 30-point housing plan and are unprecedented in Canada. While there are high hopes, the impact remains to be seen.
The new measures could also be an incentive for Ontario to match the moves or risk seeing more speculators turn their sights to Toronto as a more attractive investment location. Ontario is also facing pressure to follow B.C.'s lead in tracking preconstruction condominium flipping.
From taxes to tightened rules, here are some examples of how other countries have handled their hot housing markets.
Olympics 2018
USA tops Canada in shootout to win gold in women's hockey for first time since 1998
The United States of America is back on top of the women's hockey world after defeating arch-rival Canada in the gold-medal game of the Winter Olympics. The last time the Americans had won gold in women's ice hockey at the Olympics was in 1998 in Nagano, the inaugural iteration of the tournament. USA outscored Canada 3-2 in the shootout and outshot them 42-31 over the course of the game. Monique Lamoureux-Morando and Hilary Knight scored the Americans' two goals in regulation. Haley Irwin and Marie-Philip Poulin scored for the Canadians, who were going for a fifth straight gold.
Elsewhere on the Olympics front:
Canada's Kim Boutin won the silver medal in the women's 1,000-metre short-track speedskating race with a time of in one minute 29.956 seconds, It was an impressive five-skater field that included world record holder Shim Sukhee of South Korea. It's Boutin's third medal at the 2018 Games. She also claimed bronze in the women's 500 and 1,500.
Canada's short-track speedskating team captured bronze in the men's 5,000-metre relay final. The team of Samuel Girard, Charles Hamelin, Charle Cournoyer and Pascal Dion crossed the finish line in six minutes 32.282 seconds.
Canada's Noah Bowman finished in fifth place and Mike Riddle finished in sixth in men's ski halfpipe. American David Wise defended his Olympic title with a monster third run after struggling in his first two. Canada's Spencer O'Brien and Laurie Blouin finished in ninth and 12th, respectively, in the inaugural women's big air event while Anna Gasser of Austria won gold.
Medal count (Gold, Silver, Bronze, Total)
- Norway: 13, 12, 10, 35
- Germany: 13, 7, 5, 25
- Canada: 9, 7, 8, 24
- United States: 8, 7, 6, 21
- Netherlands: 7, 6, 4, 17
Want to get caught up further? Our daily Olympics guide gives you everything you need to know about the Pyeongchang Winter Olympics.
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Ontario's Tories allow Patrick Brown to run for party's leadership
Ontario's Progressive Conservatives are allowing ousted leader Patrick Brown to run as a candidate in the spring election, green-lighting his bid to reclaim the party leadership.
The decision was announced Wednesday by a party committee tasked with vetting Brown, who was forced to resign as leader amid sexual misconduct allegations, and three other candidates vying for his former job.
As Adam Radwanski writes, with Patrick Brown back in the running, the stakes of the Ontario Progressive Conservatives' manic sprint of a leadership contest just got even higher.
Parkland students take fight to Florida's capital, use voice to change debate on gun control
The Globe's U.S. Correspondent Joanna Slater is on the ground in Tallahassee, Florida, where hundreds of students are making their voices heard after the latest mass shooting.
Information watchdog blasts Liberals ahead of her retirement
In her last week in office, Canada's information watchdog is accusing the Liberal government of going back on its promise to bring a new era of openness in federal politics and of failing to defend the "Charter right" of Canadians to quick and easy access to federal documents and data. "The government is sliding into more secrecy and actually not delivering on its promise," Information Commissioner Suzanne Legault said in an interview.
Apotex review of generic operations includes potential sale of European unit
The Toronto-based company is believed to have begun soliciting bids for its European arm, which includes operations in Britain, Spain, Belgium, the Netherlands, Poland and the Czech Republic. A report in the Indian newspaper The Economic Times indicates that Indian drug giant Aurobindo Pharma is preparing an offer worth around US$100-million. Apotex spokesman Jordan Berman declined to comment on a specific sale, but he confirmed that a review was under way. The review comes during a tumultuous time at Apotex. Company founder, Barry Sherman, 75, and his wife, Honey, 70, were found dead at their Toronto home in December and, last month, chief executive Jeremy Desai departed unexpectedly. Mr. Sherman had been the driving force at Apotex and he was still overseeing the company's drug formulations at the time of his death.
Survey reveals federal departments still blocking access to scientists
Despite Trudeau government policies aimed at unmuzzling researchers, a new survey suggests many federal scientists still do not feel they can speak freely to the public and media about their work. The survey also revealed that 23 per cent of respondents said they are aware of cases where public health and safety have been compromised because of political interference with scientific work since the last election.
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IN CASE YOU MISSED IT
Sonja Bata was a guiding force of the Bata shoe enterprise
Sonja Bata, the founder of Bata Shoe Museum in Toronto, died on Tuesday at 91 years old. An officer of the Order of Canada and recipient of many awards for her business and charitable work, Mrs. Bata defied the expectations of her generation. You can read Sarah Hampson's obituary of the collector and philanthropist, here.
MORNING MARKETS
Stocks, loonie hit
Global markets are struggling again after Wednesday's late plunge, and the Canadian dollar is well below 79 US cents. Tokyo's Nikkei lost 1.1 per cent, and Hong Kong's Hang Seng 1.5 per cent, though the Shanghai composite rose 2.2 per cent. In Europe, London's FTSE 100, Germany's DAX and the Paris CAC 40 were down by between 0.2 and 0.8 per cent by about 5:50 a.m. ET. New York futures were mixed. The loonie was sitting at about 78.8 US cents. Oil prices fell, dragged lower by a firmer dollar that offset support from a surprise decline in U.S. crude inventories.
FYI: The Globe now provides all users access to real-time stock quotes for both Canadian and U.S. markets. Go here to find out about the major changes to our Globe Investor site.
WHAT EVERYONE'S TALKING ABOUT
Will Mitt Romney become the anti-Trump?
"Mr. Romney is unlikely to antagonize the President much before he enters the Senate. That would be a needless provocation that might backfire. But in a campaign-launch video, he vowed to bring "Utah values" to Washington, including balanced budgets (as Mr. Trump blows up the federal debt) and an inclusive immigration policy (as Mr. Trump seeks to close the doors to newcomers from "shithole" countries) … Will Mr. Romney lead the Trump resistance when he gets to D.C.? Who better than a guy Mr. Putin actually might lose sleep over? Mr. Romney – who turns 71 in March, but who is about a year younger than Mr. Trump – might even consider challenging the President in 2020. His third White House bid might be the lucky one, for him and for America." – Konrad Yakabuski
After an awkward India visit, will Trudeau learn his lesson?
"Six days into his eight-day visit to India, Mr. Trudeau is yet to meet Indian Prime Minister Narendra Modi. Welcomed by a junior Agricultural Minister at the tarmac and having finally met with Punjab's Chief Minister, Amarinder Singh, the overarching result of his diplomatic mission has been a series of photo opportunities. So far, very little has moved to push the scale up on the lowly $8-billion of Indo-Canadian annual trade.The Trudeau government is trying to keep the focus of his current visit on economic progress and job creation – Mr. Trudeau tweeted the creation of 5,800 new jobs and a number of agreements adding up to $1-billion. But the Hindu nationalist party in power – with Mr. Modi at its apex – is using this prime ministerial visit as a game changer on a more divisive cultural issue: Khalistan, a separatist Sikh nation. Indian media coverage of the Canadian delegation has focused almost squarely on the support for Khalistan in Canada." – Sonya Fatah
Massacre in Ghouta calls for world's attention
"Of the great many horrors perpetrated against Syria's civilians over the past seven years, this week's carnage at Ghouta ranks among the most alarming. According to international monitors and aid agencies, at least 250 innocents there were slaughtered over a 48-hour period by forces loyal to the regime of dictator Bashar al-Assad. Five hospitals have been barraged by bombs and mortars, hundreds of people have been wounded, and it appears, not for the first time, that chemical weapons were used. This is intolerable. Canada should do more to heap pressure on the Syrian regime." – Globe Editorial
HEALTH PRIMER
To get the flu shot or not As a particularly nasty flu season rages on, and the deaths of children continue to make headlines, many people have questions about the effectiveness of the flu vaccine. The Globe's André Picard breaks down the key factors that contribute to the vaccine's effectiveness and whether it's worth getting the shot.
MOMENT IN TIME
First rap boycott at the Grammys
Feb. 22, 1989:It should've been a huge moment for hip hop when the Grammys finally introduced an award for Best Rap Performance in 1989. While groups such as Public Enemy and N.W.A were pushing the genre's creative boundaries, the winner was much tamer: Parents Just Don't Understand, by Will (Fresh Prince) Smith (pictured, right) and DJ Jazzy Jeff Townes (pictured left). That could have been expected, given the Grammys' long history of conservatism. But the National Academy of Recording Arts and Sciences' purported step forward quickly became controversial when it chose not to include the award on its telecast. Smith and Townes boycotted the event. "They don't know anything about rap music," Smith told Entertainment Tonight that year. "The music is large enough and important enough to be on that show." Nearly three decades later, hip hop is easily music's greatest driving force, but the same old narratives still surround the Grammys. Rap categories still sometimes don't get televised and only two hip-hop albums have earned the coveted, genre-agnostic Album of the Year, prompting stars such as Drake and Kanye West to skip the ceremony with quiet boycotts of their own. The words of the Fresh Prince were prescient – someone just doesn't understand. – Josh O'Kane
Morning Update was written by Kiran Rana
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