Real Estate

Cooling-off period not the solution to B.C. housing crisis, real estate association says

  • Last Updated:
  • Mar 2nd, 2022 5:22 pm
Deal Addict
Sep 3, 2020
2720 posts

Cooling-off period not the solution to B.C. housing crisis, real estate association says

B.C.'s housing market is so hot that buyers are being forced to make offers on homes so quickly that they don't get a chance to review documents, get appraisals or schedule inspections. ... -1.6367752

Top comment so far:

Any advice from the real estate industry feels like hiring the fox for looking after the hen house.

Useful comment:

that’s how we know it’s the right solution.

Other ones that I’m sure they would protest.

Upping capital gains taxes on other than primary residences.

Introducing capital gains taxes on primary residences sold within five years (with an exemption for long distance moves).

Upping vacant home taxes with a clause that “rentals” to immediate family members don’t count (a common realtor maneuver).

Progressive speculation tax for each subsequent property owned.

An overhaul of the lending industry to prevent tax loopholes like the Smith maneuver and using a HELOC as a downpayment.

Those would do a lot to cool the market and fill vacant houses with owners looking for a home.
2 replies
Deal Addict
Sep 24, 2006
1101 posts
"We are deeply concerned that this decision was made without thorough public consultations with the real estate sector and consumers, a problem statement or supporting rationale," the association said in a news release."

The fact that they put themselves before consumers tells you everything about their priorities.
Jr. Member
Dec 9, 2021
157 posts
The BCFSA also did consult with the realtor association so they are being a little facetious.

If they are scared that they can’t make $30K for a few hours of work, that’s not too bad at all.

The CBC commentator seems to have a lot of good suggestions that governments could take heed of. For one they should change those commission rates


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