๐ด The NDP Provincial Government wants to tax you 20% of your profit when you sell (INCLUDING NOW YOUR PRIMARY RESIDENCE ๐ฒ๐ณ).
What was once thought to be Canada’s last tax shelter. Now they’re STARTING this tax at 20%, and, for now, they are only targeting people who move within the first 2 years of ownership…. ๐
๐ด They claim this tax was designed to primarily target naughty “speculators” ๐ต๏ธโโ๏ธ๐ผ who, as they describe, are a big reason we have a housing crisis in this province. They describe the amount of transactions this will affect as small, saying it will only affect 4% of sales in Vancouver, that’s still thousands of sales across the province! ๐ก๐
๐ดAre we supposed to believe these sellers are mostly speculators? Or could these be regular average people? Families that have to move due to a work transfer, education, job loss, divorce, and every other normal scenario under the sun? ๐ค๐จโ๐ฉโ๐งโ๐ฆ Is this tax fair to them??
๐ดI can tell you, being a realtor for 10 years selling about 700 homes myself, the percentage of homes sold within 2 years by pure speculators alone is relatively low, meaning that the unintended consequences will mostly very negatively impact those people I just mentioned. ๐ ๐
๐ดI’ll leave more of my thoughts in the comments but I’d love to know what you think, so please share your thoughts in the comments below. ๐ญ๐๐ ๐
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