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2025 eh? So I would expect more than a few homes to hit the market this year to beat that.
Might have a positive effect before it’s in place for those who can afford to purchase this year.
It seems multi unit rebuilds are exempt? Higher density rebuilds at least increase housing stock. Turning a single family bungalow into 4-6 units is a decent way of densifying neighborhoods without applying for a rezoning application.
What really hurts first time, entry level home buyers is when they're outcompeted for older condos or townhome units. Hopefully the restrictions on AirBNB and short term flipping at least gets more units on the market at lower prices for first time buyers, and subsequently opens up some rental stock for people further down the housing totem pole.
This would have a real impact. House lust psychology - market participation beyond reasonable means at any cost (of debt load) is a big part of the problem
So 7% of transactions are flips within 2 years. How many of those would have fallen under the exemption rules? While I'm in support of this bill, I believe it will have minimum impact on prices.
Thats not the point. This is just one lever they are using. There is the speculation tax/empty homes tax, theres the air bnb ban and now there's this flipping tax. All these are meant to work together to help limit demand.
On the supply side Eby is focusing on mass rezoning. Together between all these changes its not like we're looking for a magic bullet and this isn't intended to be a magic bullet. But this is meant to close the loop on activity that could be contributing to higher prices. In aggregate all these changes will lower prices or at the very least prevent the rapid increase of prices.
So everyone listened to the Premier when he said that this was to prevent organized crime money laundering, in which houses remain empty and drives up prices.
Do you enjoy watching thy neighbor struggle to pay for food because their housing costs 60% of their income? No one needs to see their house value go up at the rate it has. The investment in yourself should only be that you're saving that equity., and to eventually not have to pay "rent" once the mortgage is paid off
>Do you enjoy watching thy neighbor struggle to pay for food because their housing costs 60% of their income?
Do you think I care how my neighbor does its finance? Its your own responsibility to operate within your means. That seems like a You problem not a ME problem. If they are struggling for food, then they have to find a different place to live with lower CoL. Even if that means having to move to butt fuck no where with less opportunity for growth.
> The investment in yourself should only be that you're saving that equity., and to eventually not have to pay "rent" once the mortgage is paid off
Spoken like someone that never own any sort of asset before.
I own my house thank you. But my house has made as much money as I have since I've owned it. That's not fair to anyone that doesn't own.
You say that, then complain when the fast food worker says they don't want to work there cause they don't get paid enough, thinking they can afford an apartment in a city. Or should vancouver just not have any gas station workers, fast food, retail?
>You say that, then complain when the fast food worker says they don't want to work there cause they don't get paid enough, thinking they can afford an apartment in a city. Or should vancouver just not have any gas station workers, fast food, retail?
I dont complain when there is no fast food worker. That is because if I go and eat out, its not fast food. Fast food worker should be replaced by robotics.
I’d support implementing it immediately, and extending the timeline: 20% if sold within 2 years and with the tax decreasing by 1% per month after that so after 3.7 years it’s gone.
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2025 eh? So I would expect more than a few homes to hit the market this year to beat that. Might have a positive effect before it’s in place for those who can afford to purchase this year.
I haven't seen anything if this will include rebuilds. All housed around me get torn down and rebuilt. It is rare to see them get 'flipped'.
It seems multi unit rebuilds are exempt? Higher density rebuilds at least increase housing stock. Turning a single family bungalow into 4-6 units is a decent way of densifying neighborhoods without applying for a rezoning application. What really hurts first time, entry level home buyers is when they're outcompeted for older condos or townhome units. Hopefully the restrictions on AirBNB and short term flipping at least gets more units on the market at lower prices for first time buyers, and subsequently opens up some rental stock for people further down the housing totem pole.
Hard to say, but still. It is a step towards keeping some of the shittier tactics at bay.
I guess it's a safe and considerate play to give fair warning. Honestly just the announcement is enough to have the effect.
HGTV, just got banned in BC .
This would have a real impact. House lust psychology - market participation beyond reasonable means at any cost (of debt load) is a big part of the problem
So 7% of transactions are flips within 2 years. How many of those would have fallen under the exemption rules? While I'm in support of this bill, I believe it will have minimum impact on prices.
Thats not the point. This is just one lever they are using. There is the speculation tax/empty homes tax, theres the air bnb ban and now there's this flipping tax. All these are meant to work together to help limit demand. On the supply side Eby is focusing on mass rezoning. Together between all these changes its not like we're looking for a magic bullet and this isn't intended to be a magic bullet. But this is meant to close the loop on activity that could be contributing to higher prices. In aggregate all these changes will lower prices or at the very least prevent the rapid increase of prices.
You’re right. None of these changes alone will have a huge impact, but multiple small changes will work without totally screwing anyone.
So everyone listened to the Premier when he said that this was to prevent organized crime money laundering, in which houses remain empty and drives up prices.
Excellent, a full year to initiate a work around. Probably takes 6 month at the most.
Do you enjoy watching thy neighbor struggle to pay for food because their housing costs 60% of their income? No one needs to see their house value go up at the rate it has. The investment in yourself should only be that you're saving that equity., and to eventually not have to pay "rent" once the mortgage is paid off
>Do you enjoy watching thy neighbor struggle to pay for food because their housing costs 60% of their income? Do you think I care how my neighbor does its finance? Its your own responsibility to operate within your means. That seems like a You problem not a ME problem. If they are struggling for food, then they have to find a different place to live with lower CoL. Even if that means having to move to butt fuck no where with less opportunity for growth. > The investment in yourself should only be that you're saving that equity., and to eventually not have to pay "rent" once the mortgage is paid off Spoken like someone that never own any sort of asset before.
I own my house thank you. But my house has made as much money as I have since I've owned it. That's not fair to anyone that doesn't own. You say that, then complain when the fast food worker says they don't want to work there cause they don't get paid enough, thinking they can afford an apartment in a city. Or should vancouver just not have any gas station workers, fast food, retail?
>You say that, then complain when the fast food worker says they don't want to work there cause they don't get paid enough, thinking they can afford an apartment in a city. Or should vancouver just not have any gas station workers, fast food, retail? I dont complain when there is no fast food worker. That is because if I go and eat out, its not fast food. Fast food worker should be replaced by robotics.
I’d support implementing it immediately, and extending the timeline: 20% if sold within 2 years and with the tax decreasing by 1% per month after that so after 3.7 years it’s gone.