I am super hesitant to post this as this is a massively hot topic and causing a lot of debates, arguments, hate and frankly racism which has been hurtful to watch and listen to.
However, this is a well written article on this new 15% Tax. My stance is that I think it is criminal the way the tax was introduced. It hurts real people whether they are Canadian sellers/buyers or Foreign buyers. This article sums up why I think that. Something needed to be done, yes. But not in this way.
My biggest fear of this tax is realized when you read the comments. People care nothing about the actual people being hurt by this tax, the domino effect it could bring. All the comments say Realtors are scum, it is all money laundering, etc… which the media has made people believe. Also, people complain about our selling fees – which are the lowest in North America I believe! I have clients who bought as foreigners so they can come visit their grandson here and have a pace where the family can stay etc… They just got tagged with a 50K bill and are hurt by it. They were not investors, they were not driving the prices up, they just wanted to be close to their new addition. “We feel betrayed by Canada” is what they said.
Ask any Realtor and we all said this market was no good. However, we don’t create the market! When we sell, we always try to get our sellers the most money for their homes. Always have, always will, in any market – that is our jobs!
Something needed to be done, we all agree. But in the way it was done, is the real issue at hand. This is not very Canadian if you ask me and will hurt many more residents and citizens here then it will foreign buyers. Believe you me…! Was the research on this long enough? Large enough? To justify the domino effect it will have on local owners? Canadian owners? BC home owners? No, it was not.
Again, I am not against making changes to help affordability. I am against the way it was imposed and not thought out. Now I am 100% against seeking information on Real Estate from the news/media. It is in no way accurate any time and made to upset and anger people and it worked! Now everyone thinks foreign investment is strictly from Mainland China and strictly money laundering…..
Vancouver Real Estate is and always will be expensive and sought after. We live in a non conflict location where people dream of coming. This will not change. Gov intervention is never the solution… The Real Estate Board, Council should have been coming up with solutions rather then reacting to this every time the media posts something!
This was not Canadian!!!