Will the new British Columbia budget heavily impact the real estate market? Here’s what you need to know.
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Today, we’re going to discuss the new BC budget and what the potential impacts are to our real estate market.
1. Foreign buyers tax. The foreign buyers tax has increased from 15% to 20%. The interesting part is that it now includes us, where we were exempt before.
2. Property transfer tax. Properties over $3 million will now have a 5% transfer tax. If you buy a $3.5 million house, you’ll see about another $2,500 on your transfer tax bill. Is that going to dissuade someone at that price point? Not likely.
3. The BC Home Partnership program, which was giving first-time buyers a…
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