Hi Clients, Neighbours, Friends and Family ...
Some news from our desk ...
While we are still trying to work out the details, here is what we know of the new provincial budget as it relates to real estate.
The foreign buyers tax goes to 20%, now effective and now applicable in Capital Regional District, Fraser Valley, Central Okanagan and Nanaimo Regional District. No doubt many deals will close today to avoid this extra tax.
Property transfer tax will go from 3% to 5% on values of homes over $3,000,000.00. It is currently at 2%.
A speculation tax will be introduced on homes owned by people who do not pay taxes in B.C., and will be payable on homes in the same areas as the foreign buyers tax.
Here is a link to the Government’s "30-point plan for a fairer housing market” a detailed read highlighting important changes that are coming to the market.
To learn more about the budget will effect you read this article in the Vancouver Sun.
News from the streets is ... more of the same. Super high demand for attached homes. Visit our Facebook page to check out our most recent record breaking sale ... an entry level condo in North Surrey sold for 60k over ask ... https://www.facebook.com/jennandcolinrealestate/
Don’t forget to LIKE US when there!
From our home to yours,
Jenn and Colin