Great opportunity for first time buyers or investors! I have three properties available in Mill Bay and Cobble Hill for immediate sale or possession.
You should be very clear on the impact of the Febuary provincial budget to cool the real estate market and generate price declines:
* The BC Foreign Buyer's Tax has increased to 20% and now applies to the South Island;
* A speculator's tax of 2% per year is now on out of province property owners, and those in BC that have second homes;
* The Property Transfer Tax is increased;
* A clamp down on condo pre-sales with information on buyers being shared with the CRA to stop tax evasion in flipping;
* Ending hidden ownership so foreign buyers and numbered companies cannot evade taxes;
* Increased auditing and tax enforcement by the provincial government and info sharing with the CRA targeting tax evasion in house flipping and undeclared rental income;
* A massive increase in supply with 114,000 new units being built;
* A task force on foreign money laundering and speculative tax fraud will be created; and
* AirBnB operators now have to pay provincial tax, allowing the provincial government and CRA to track and tax income.
For those looking to sell or buy, the current downward trend in the market with falling sales and prices will be amplified by these measures. And with rising interest rates with more planned this year, and the new B20 mortgage rules that lessen credit for new buyers, the pressure is mounting. Now is the time to buy!
I have three properties available for sale for those looking for long-term rental income or those looking to buy their first house.
* Mill Bay - A 2011 four bedroom, 2 bath, 1 car garage on 0.25 acre for $529,000 (REDUCED FROM 549,000)
* Cobble Hill - A 1999 three bedroom, 2 bath, 1 car garage on 0.4 acres for $489,000
* Cowichan Bay - A 2003 four bedroom, 2 bath, 1 car garage on 0.20 acres for $515,000 (REDUCED FROM 538,888)
These houses are currently tenanted and I do not wish to disturb the tenants with drivebys.
Mill Bay is only 60 minutes from Victoria; and Cobble Hill and Cowichan Bay are only 75 minutes from Victoria as well.
Please contact me if you are interested, and I will provide further details and the addresses.
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