{"id":8413,"date":"2018-03-01T10:10:02","date_gmt":"2018-03-01T18:10:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8413"},"modified":"2018-02-28T09:33:12","modified_gmt":"2018-02-28T17:33:12","slug":"vreb-fvreb-think-new-property-taxes-will-little-impact-housing-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/vreb-fvreb-think-new-property-taxes-will-little-impact-housing-markets\/","title":{"rendered":"VREB &#038; FVREB Think New Property Taxes Will Have Little Impact on Housing Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">New BC property taxes announced last week may not be the answer to tackling the province\u2019s housing affordability crisis, according to some BC real estate boards.<\/p>\n<p style=\"text-align: justify;\">The NDP government unveiled its 2018 budget last Tuesday, which included a 30-point housing plan to create a fairer housing market as house prices continue to skyrocket, particularly in the Lower Mainland.<\/p>\n<p style=\"text-align: justify;\">The comprehensive plan calls for an increase to Metro Vancouver\u2019s foreign buyer tax, raising it from 15 to 20%, and expanding the levy to the Fraser Valley, Central Okanagan and Nanaimo and Capital Regional Districts. A new speculation tax was also introduced, targeting foreign and domestic speculators who don\u2019t pay provincial taxes.<\/p>\n<p style=\"text-align: justify;\">However, Victoria Real Estate Board President Kyle Kerr tells BuzzBuzzNews he\u2019s unsure if these new levies are the right solution.<\/p>\n<p style=\"text-align: justify;\">\u201cIs this going to help housing affordability? Time will tell, but we don\u2019t think so,\u201d says Kerr.<\/p>\n<p style=\"text-align: justify;\">The board president notes that foreign buyers currently account for only 4.5% to 5% of sales in Victoria. It\u2019s a small percentage compared to Metro Vancouver, where 13% of transactions involved foreign nationals prior to the tax implementation in August 2016.<\/p>\n<p style=\"text-align: justify;\">Kerr argues that extending the tax to Victoria might cause a small, short-term slowdown in sales, particularly in the higher-end of the market, but overall it won\u2019t have a significant impact on activity.<\/p>\n<p style=\"text-align: justify;\">\u201cI think in the end it is another revenue driver for the government. I think it might affect a small segment of the market, but I think in the long-run it\u2019s not going to have a major impact,\u201d says Kerr.<\/p>\n<p style=\"text-align: justify;\">Fraser Valley Real Estate Board President Gopal Sahota says he\u2019s unsure if extending the levy to the Valley will have a notable impact on activity, as foreign purchasers accounted for only 1.4% of transactions in 2017.<\/p>\n<p style=\"text-align: justify;\">In regards to the new speculation tax, both presidents agree that the levy could have a small impact on activity in their respective markets.<\/p>\n<p style=\"text-align: justify;\">Kerr adds that this tax is most worrisome for homebuyers in other provinces, such as Alberta and Ontario, who have part-time property in BC, but now might be deterred from investing in the province.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Canada, that\u2019s probably the tax that\u2019s more concerning to other provinces because you have people who probably don\u2019t see themselves as speculators who now might be taxed, and they\u2019ll have to determine if that\u2019s fair or not,\u201d says Kerr.<\/p>\n<p style=\"text-align: justify;\">The Victoria board president is also quick to add that creating these new levies is not the answer to creating a more affordable market.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you really want to help the average person on the street, you [have] got to make homes more affordable by reducing the tax burden that you put on people,\u201d says Kerr.<\/p>\n<p style=\"text-align: justify;\">For a long-term solution, both Kerr and Sahota agree that more supply is needed across the province.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand [in the Fraser Valley] is outweighing supply right now in every product type, whether it\u2019s single-family detached, condos or townhomes,\u201d Sahota tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Included in BC\u2019s housing plan is a $6 billion-plus investment in affordable housing over the next ten years.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/bc-boards-taxes-little-impact-housing-markets.html\" target=\"_blank\" rel=\"noopener\">These BC Real Estate Boards Think New Property Taxes will have Little Impact on Housing Markets<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New BC property taxes announced last week may not be the answer to tackling the province\u2019s housing affordability crisis, according to some BC real estate boards. The NDP government unveiled &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/vreb-fvreb-think-new-property-taxes-will-little-impact-housing-markets\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8413","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VREB &amp; FVREB Think New Property Taxes Will Have Little Impact on Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/vreb-fvreb-think-new-property-taxes-will-little-impact-housing-markets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"VREB &amp; FVREB Think New Property Taxes Will Have Little Impact on Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"New BC property taxes announced last week may not be the answer to tackling the province\u2019s housing affordability crisis, according to some BC real estate boards. 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