This should help boost brand new condo, townhome, and single family home sales (mostly in the Westshore).
http://www2.gov.bc.c...-home-exemption
Posted 17 February 2016 - 01:49 PM
This should help boost brand new condo, townhome, and single family home sales (mostly in the Westshore).
http://www2.gov.bc.c...-home-exemption
Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty
www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!
Posted 17 February 2016 - 01:51 PM
This should help boost brand new condo, townhome, and single family home sales (mostly in the Westshore).
And sprawl. It definitely provides an incentive to buy a new home, which are generally found out of the core (yes, there are exceptions).
It's a bone for the construction industry, really.
Posted 17 February 2016 - 02:22 PM
Note that the exemption only applies if the property is your principal residence. So the exemption will not apply to folks that purchase new condos etc. and intend to use a rental property.
Posted 17 February 2016 - 03:35 PM
I don't see it making a big difference. A little, yes, but not a lot. If they had made it all homes, and not just new ones... that would have been a much bigger impact.
Posted 17 February 2016 - 03:51 PM
Posted 17 February 2016 - 04:13 PM
Am i being naive here, but I think the exemption is a way to politically legitimize the increased tax for higher priced homes, mostly the Vancouver market.
Posted 17 February 2016 - 06:10 PM
Am i being naive here, but I think the exemption is a way to politically legitimize the increased tax for higher priced homes, mostly the Vancouver market.
Not sure why one would need to legitimise the 1% increase on only the portion over $2,000,000. How many people are buying $3 million homes and how much do they care about the extra 10k, for example?
I think this is more a way to politically say that the government is trying to help in terms of affordable housing.... they already collect a lot of taxes through the economy on new builds so this probably doesn't even cost much if it increase construction activity a bit.
Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty
www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!
Posted 17 February 2016 - 06:15 PM
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