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Victoria's housing market, home prices and values


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#3961 LJ

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Posted 11 January 2022 - 07:17 PM

But when homeowners have at least 5x the net worth of renters, it seems like we need to even the playing field a bit.

 

Yeah, just cause they worked hard and saved their money for years is no reason I shouldn't have the same thing as them, after working for two years and spending everything I earned.

 

It's tough to teach socialists with no assets how economics work. Come back in 20 years.


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#3962 Mike K.

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Posted 12 January 2022 - 08:01 AM

Lol. Can’t say PTT has entered any of today’s conversations. I would assume the majority of my social group is aware of the tax though.


I wouldn’t bet on it. If there was a complete awareness of the variables in play, we’d see them in the Twitter debates where this issue (the HOG) is being talked about at length.

But we don’t, so one can only conclude it’s being avoided by insincere influencers or they’re unaware of the bigger picture in play.
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#3963 Banksy

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Posted 12 January 2022 - 08:53 AM

It’s a given they don’t know or pretend it doesn’t exist so their followers get angry at homeowners who they’ll be made to think are cheating renters out of their money. Marks showed up guns blazing then retreated when he learned of the PTT.

I agree with others here halve the PTT then we can talk about qualifying homeowners on if they should or shouldn’t receive the HOG.

#3964 marks_28

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Posted 12 January 2022 - 09:00 AM

"Learned about the PTT". 

 

Even though I have never paid a PTT, I have been fully aware of it for some time now. Sure, I might not have known how much the Province takes in on an annual basis from the PTT, but I'd wager most others don't know off the top of their head either.

 

I retreated because the discussion wasn't going anywhere. I'm still waiting on an answer as to why a household with $500k in income, no mortgage, a $1.5 million home needs the $500 more than a disabled individual who still gets the same subsidy for shelter from the government ($375), which hasn't changed for over a decade, when we all know the cost of housing has definitely not stayed flat over that same time period.


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#3965 Mike K.

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Posted 12 January 2022 - 09:03 AM

$500k in income and they’re living in a $1.5 million home?

That sounds a little off. They’re likely living in a $3.5 million home, and paying $25,000 in property tax every year.

Why are you so interested in spending other people’s money?
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#3966 marks_28

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Posted 12 January 2022 - 09:08 AM

Well, it's my money too. And I just feel it could have a much larger impact if it was directed elsewhere from homeowners.



#3967 Mike K.

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Posted 12 January 2022 - 09:13 AM

It’s not your money, and they’re paying about 10x more in property tax every year than your apartment is levied, but use the same services as you do. Surely that helps the bottom line. And, of course, they paid the PTT.

Maybe this is a good juncture at which to remind young people to aspire to achieve that which they view as a high enough income, that allows them to afford the things they really want in life. See the family making $500k as inspiration, and your life will change. Don’t get bogged down by the negatives, it’s destructive, and gets in your way.

Set a goal and work towards it. I promise you, it’ll change your life.
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#3968 marks_28

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Posted 12 January 2022 - 09:24 AM

Well, it's not theirs either. It is the Province's money. Which we all contribute to as taxpayers. I'm just saying it could be better allocated elsewhere.



#3969 Mike K.

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Posted 12 January 2022 - 09:29 AM

I agree, the PTT should be absolved and that money should remain in the pockets of those who earned it.

Homeowners will spend their own money more wisely, and more efficiently, than any government ever will. I can think of many things a $30,000 PTT could pay for, instead of disappearing into general government revenue.
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#3970 marks_28

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Posted 12 January 2022 - 09:36 AM

Around we go again, lol. 

 

Alright, I don't like the HoG, you don't like paying PTT. 

 

Maybe time to call it a day.



#3971 Victoria Watcher

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Posted 12 January 2022 - 09:38 AM

No such thing as a tie. We need to settle this.
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#3972 Mike K.

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Posted 12 January 2022 - 09:50 AM

It’s a bit of an unfair tug of war marks is proposing.

The homeowner is already down $24,000 via PTT if they buy an average priced house, or $12,000 if they buy an average priced condo, today. Marks doesn’t like a $500/year so-called grant. What are we arguing about again, who’s paying their fair share?

We might need Ned Taylor to give us some guidance here.
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#3973 A Girl is No one

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Posted 12 January 2022 - 10:36 AM

And again, that « exemption » is not an exemption . It’s only there to allow to charge more to people who have more than one residence or live outside of BC. You remove the « exemption » and then every home owner has to pay as much on their primary residence as people who have multiple residences etc. Once again, hurting the average people who are trying to make a life for themselves.
So it already does what marks_28 wants it to do.

#3974 marks_28

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Posted 12 January 2022 - 10:39 AM

I think it's a bit of a slippery slope to start saying someone should get more benefits just because they've paid more taxes.

 

Why not look at it like this. Say we do decide to scrap the HoG. We now have call it $1 billion in extra revenue to play with. I've suggested that be put towards the shelter subsidy for indivudals with disabilities, but that doesn't seem to be getting much traction here. 

 

As we've discussed, the PTT brings in about $2 billion annually, so we coudln't scrap both on a dollar for dollar basis. And I think some aspects of the PTT are beneficial. But maybe we can improve the PTT. How about we raise the exemption for first time home buyers to $750k? Maybe if you've lived in your primary residence for at least five years, and want to move up the property ladder, you pay half the PTT when purchasing a new property? Have we spent $1 billion yet? I don't feel too bad for property speculators paying PTT, but maybe it can be improved.  



#3975 Mike K.

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Posted 12 January 2022 - 11:01 AM

Whatever the case, until the PTT issue is addressed your nixing of the HOG exemption won't fly.


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#3976 punk cannonballer

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Posted 12 January 2022 - 11:32 AM

I think the biggest negative impact of the PTT is the chill on employee mobility and the associated hit to economies. If it were easier to relocate the labour market would be far more mobile than it is right now. This is particularly true of young professionals who are not rooted in a community by children and yet own a place that is not exempt.


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#3977 spanky123

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Posted 12 January 2022 - 11:36 AM

I think the biggest negative impact of the PTT is the chill on employee mobility and the associated hit to economies. If it were easier to relocate the labour market would be far more mobile than it is right now. This is particularly true of young professionals who are not rooted in a community by children and yet own a place that is not exempt.

 

Many employers will pay relocation costs if they want you to move.



#3978 punk cannonballer

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Posted 12 January 2022 - 11:42 AM

Think about how you used the word ‘pay’ there and what that means for an employer and an employee when hiring someone.
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#3979 tommy

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Posted 12 January 2022 - 11:42 AM

Well, it's my money too. And I just feel it could have a much larger impact if it was directed elsewhere from homeowners.

i think you missed the point

 

your 500k earners probably live in a 3.5 million house as pointed out - that is above the qualification threshold

 

thus do not qualify for the HOG

 

my niece and nephew both work full time, have a big mortgage, are raising two kids and are in their '40s and qualify for the HOG - which they turn around and throw right back into the provincial economy . 

 

if you want to make a valid argument - do some actual research as to incomes, mortgage amounts owing, family members, age, etc. of the real average million dollar homeowner in Victoria

 

and then come back with your actual results and make your argument


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#3980 Mike K.

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Posted 12 January 2022 - 12:31 PM

The PTT on a $3.5 million house is significantly higher percentage wise than PTT on a $1.3 million house.

 

PTT is 1% for first $200k, 2% for $200k-$2 million, 3% $2 million-$3 million, and an additional 2% above $3 million, making it 5%. Ouch.

 

Then there is an additional PTT "if you’re a foreign national, foreign corporation or taxable trustee."


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