Take a few minutes to talk about the recent changes to the property transfer tax and how this could affect the vancouver real estate market
Buyer’s now have to pay 5% property transfer tax and any portion of the sale value over $3M
This is regardless of whether the buyer is a foreigner or not.
This is to cool the already cold single family market in the expensive parts of the lower mainland like West Vancouver and the Vancouver Westside
What are the other implications?
Have the politicians really thought this through?
Land assemblies also get more expensive – cost passed onto the end buyer – leads to more expensive condos.
Condo market gets a boost where it is already on fire.
If you want to learn more about Vancouver real estate or if you are interested in buying a home in Vancouver, please feel free to give me a call anytime at 604-808-9796.