More Questions Than Answers
If there was a modest price adjustment any financial headway buyers would have made was swallowed up by increased borrowing costs.
If I was a Buyer who was struggling to buy my first home, I might look to my employer to make up the difference. Or as there is a labour shortage, shop myself to the highest bidder. Last time I checked, major inflation components include increased costs of wages, housing/rent, government policies and devaluation of our dollar.
If We Want To Make Housing More Affordable, Why Do We Tax So Many Components Of It?
Developer Pays Tax on Land, Components To Build/Construction & Labour.
Development Charges Fronted By Developers Are All Passed On To Buyer
Tack on a whopping 5% GST on New Home Construction Sale Price.
Property Transfer Tax When You Buy – Provincially.
What IS THIS TAX FOR?
1% of the fair market value up to and including $200,000.
2% of the fair market value greater than $200,000 and up to and including $2,000,000.
3% of the fair market value greater than $2,000,000.
Property Tax Annually When You Own – Municipal
If we took a long hard look at all of the taxes that make up the end sale price of a home and reduced or eliminated them, housing would be more affordable and perhaps incentives could be created for developers as well.
How Are We Ever Going To Solve The Housing Crisis Coupled With An Aggressive Immigration Policy?
The federal and provincial governments have been ineffectual at their own housing supply strategies.
It does not matter who needs a roof over their head, there just are not enough to go around.
Whether you are a first-time home buyer saving up for your first home, immigrant or renter,
lack of inventory is a serious problem one which goes to the root of affordability.
Is the Premier Downloading The Responsibility of Solving The Housing Crisis Back to British Columbian’s With All Of Their New Changes to The Strata Property Act?
The Provincial government has made it clear, nothing is as it used to be with the banning of rental restrictions bylaws.
If you lived in an age restricted strata, those restrictions have been removed, unless your strata age restriction is 55+.
Even 55+ strata corporations have seen significant changes to their ability to restrict who lives in their buildings,
which includes no age restrictions at all to caregivers, spouses and more.
Real estate stakeholders have more questions than answers.
Deborah Moore
Broker Owner
