It’s the end of another work week and that means it’s time for another Friday Free-for-all!
This is our regular end of the week open topic discussion thread for the weekend.
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have a fantastic weekend!
Will a new tax on vacant homes help solve the affordability crisis?
The speculation tax will apply to those who own multiple properties in Metro Vancouver, the Capital Regional District (excluding the Gulf Islands and the Strait of Juan de Fuca), Kelowna, West Kelowna, Nanaimo-Lantzville, Abbotsford, Chilliwack and Mission.
The tax will apply at a reduced rate in 2018, based on property owned as of Dec. 31. It expands in 2019 to 0.5 per cent of assessed value for B.C. residents, one per cent for Canadians from outside B.C., and two per cent for non-Canadians.
Owners are exempt if they rent their properties for at least six months a year. And there is also a tax credit for B.C. residents with second homes valued under $400,000.
James pointed to exemptions she said will make the tax fair, including for people facing medical emergencies, people who have to relocate suddenly for a job, seniors who enter care homes, people undergoing a separation, and those with disabilities.
“If people choose to leave their homes vacant where the housing crisis is the deepest, we are asking them to pay their fair share. All that revenue will be returned to British Columbians in the form of affordable housing,” said James.
Read the full article here.
Do you remember 10 years and 6 days ago when David Gibbons from Zillow commented on this site that they intended to expand internationally and Canada was definately on the shortlist?
Well Zillow is coming to Canada, sort of.
Looks like they’ll just be showing the same listings as the MLS – dare we hope for an independent source of long term statistics like price history?
It’s the end of another week and that means it’s time for another open topic thread. Friday free-for-all time!
Here are a few recent links to kick off the chat:
–outgoing mayor blames house prices on “influx of global capital”
–5 year rates rise
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
Home sales in BC continue their decline.
“Sales fell 33.2 per cent compared to the same month a year ago, and the average residential price of $685,749 was down 1.1 per cent from September of 2017.”
“Association chief economist Cameron Muir says, “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of B.C.’s economy over the last five years.”
Read the full article here.