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Spain Proposes 100% Tax on Non-EU Buyers

Spain’s government has announced plans to impose a 100% tax on real estate purchases by non-EU residents, introducing its strongest measure yet to address soaring housing costs that have sparked public discontent.

Prime Minister Pedro Sanchez revealed the tax proposal alongside eleven other housing measures, citing data showing non-EU residents purchased approximately 27,000 Spanish properties in 2023, primarily for speculative purposes.

The proposed tax would affect buyers from countries including the United States, United Kingdom, and Morocco, who have traditionally invested heavily in popular locations such as Barcelona, Ibiza, and Marbella.

You can read more on the matter here.

What’s going on?

• Canadian Housing Starts Rise 2% In 2024, Falling Short of Affordability Goals (theDeepDive)

• Alberta refuses to sign joint statement on Trump tariffs from first ministers’ meeting (Globe)

• Hindenburg Research Founder Shuts Down Ops, “The Intensity Came at a Cost” (theDeepDive)

• Canada Readies Tariffs on $105 Billion of US Products If Trump Hits First (Bloomberg)

• South Korean Investigators Detain Impeached President After 2nd Attempt Following Martial Law Controversy (theDeepDive)

• This recruiter has allegedly scammed 'hundreds' of Filipino migrant workers. Some are now homeless (CBC)

• NDP’s Singh Proposes Critical Mineral Ban in US Trade Dispute (theDeepDive)

• Doug Ford sports a ‘CANADA IS NOT FOR SALE’ hat amid Trump’s 51st state taunts (TS)

• New SEC Lawsuit Claims Elon Musk Delayed Twitter Stake Disclosure, Saving Millions (theDeepDive)

• TikTok CEO Plans to Attend Trump’s Inauguration (WSJ)

• Champagne Rules Out Canadian Liberal Leadership Bid (theDeepDive)

• Justin Trudeau won’t run for re-election as MP in next federal election (Global)

What’s the latest?

• Tariffs: Canada’s energy minister warned that Trump’s proposed 25% tariffs on Canada could raise U.S. prices for gas, food, and energy, potentially causing inflation and job losses. Canada may retaliate with tariffs on U.S. goods, disrupting trade in key sectors like oil and lumber. Federal Reserve officials and businesses fear tariffs could worsen inflation, especially if other countries retaliate, creating economic uncertainty.

• Toronto Condo Sales: Sales of new condos in Toronto plummeted to their lowest level since 1996, dropping 64% in 2024, as individual investors retreated due to falling rents, high interest rates, and negative cash flow. Only 10% of presale units launched in late 2024 were sold, far below the typical 52% rate, leaving a record 24,277 unsold units. This slowdown is expected to reduce new housing supply in the coming years, with condo construction starts hitting a two-decade low in 2024. Meanwhile, a surge in completed condos (29,800 units in 2024) has pressured resale prices, exacerbating the market glut.

• Freeland: Chrystia Freeland, launching a Liberal leadership bid, plans to scrap the consumer carbon tax and replace it with a collaborative system. She also aims to counter Trump’s tariff threats with retaliatory tariffs. Freeland resigned from Trudeau’s cabinet in December, opposing policies like the GST tax holiday. Meanwhile, Mark Carney, another potential candidate, has hinted at carbon pricing changes, focusing on industrial emissions. The carbon tax, set to rise to $95 per tonne in April, remains unpopular, facing opposition from Conservatives and some premiers.

• Mark Carney: Mark Carney is launching his Liberal leadership campaign in Edmonton, distancing himself from Trudeau’s unpopular government. He faces competition from Chrystia Freeland and Karina Gould, with the leadership vote on March 9. Carney, criticized as “carbon tax Carney,” has avoided endorsing Trudeau’s carbon pricing. Both Carney and Freeland, with Alberta roots, will focus on the province, where Liberal members could play a key role in the race.

• CMHC: Canada’s housing starts rose 2% in 2024 to 245,120 units, driven by increases in Alberta, Quebec, and Atlantic provinces, though major cities like Vancouver and Toronto saw declines. CMHC noted progress but emphasized the need for significantly higher supply growth to restore affordability, estimating Canada requires 3.5 million additional units by 2030. December saw a 13% drop in the annual rate of housing starts to 231,468 units, with urban multi-unit starts falling 15%.

Quantum Computing stocks: hype or historic opportunity?

The stock market and stuff

• Morgan Stanley earnings jump on trading and dealmaking boom (FT)

• Eight Capital Closes Its Doors as Top Executives Transition to Stifel Canada (theDeepDive)

• Cocoa Processing at Lowest Since 2020 as Chocolatiers Struggle (Bloomberg)

In the juniors

• Skeena Discovers Gold-Copper Porphyry System At KSP, Hits 0.71 g/t Gold Over 381.47 Metres (theDeepDive)

• Aris Mining Produces 210,995 Ounces In 2025, Issues 2025 Guidance (theDeepDive)

• Spirit Airlines Cuts More Jobs as It Nears Exit From Bankruptcy (Bloomberg)

• GoGold Reports US$355 Million After-Tax Net Present Value For Los Ricos South In Feasibility Study (theDeepDive)

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