New budget may not be home-friendly after all
On Behalf of Porter Ramsay LLP | Feb, 27, 2018 | Real Estate Law
The Pacific Province’s recently dropped budget may not make homes any more affordable as hoped, according to industry professionals. British Columbia’s proposed housing affordability plan, may even have the opposite effect and drive home prices up, says a spokesperson for the province’s real estate development industry. Homes worth upwards of $3 million will also be privy to a transfer tax hike of 5 per cent, up from 3, which won’t help matters, the spokesperson added. The province is also being criticized for a tax geared toward those who don’t pay income tax such as foreign owners of real estate. The tax basically targets those... View Article