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.
https://www.cbc.ca/news/canada/british- ... -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.
https://www.cbc.ca/news/canada/british- ... -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.