Quote:
Originally Posted by MillerTime GFG
Orange-Julius-ish I suppose, but the source is solid...
Friend of mine (realtor in Calgary) ran into her broker friend in Vancouver, who said 60/130 deals in his office have decided to walk since the new implementation of the 15% tax. The BC gov't didn't set a date (much like CMHC did with the new down payment rule), and made the tax retroactive.
Imagine you bought a new house because you had a firm deal on the sale of your previous home, and now that buyer has decided to walk? Assuming you have a mortgage on the new place, chances are it's going to be conditioned to the sale of your previous home. Just a mind-numbing implementation of this rule, which is pretty standard for all BC Government real estate related affairs.
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Not everyone can come out a winner on every policy decision and I kinda think this is one of those things where the greater good has to win out. Does it suck for the people in those situations? Sure, but there is a massive housing problem in Vancouver right now and something had to be done. The cost of living is completely out of whack with the average wage in the city and it's completely unsustainable. I doubt this is the last measure that ends up being put in place either, especially with how tight next year's election is shaping up to be.