You should be very clear on the new NDP-Green Party government's planned measures to cool, if not correct, the real estate market coming in this February's provincial budget:
* The BC Foreign Buyer's Tax will be doubled to 30%;
* The BC Foreign Buyer's Tax will extend throughout ALL of BC, not just Vancouver (Victoria and Cowichan Valley included);
* The Property Transfer Tax will be raised significantly, up to 12%;
* A massive increase in supply with 114,000 new units being built;
* A speculator tax of 2% per year will be place on empty homes as well as on those owners who have more than one investment property;
* A task force on foreign money laundering and speculative tax fraud will be created;
* A capital gains tax on people who have lived in a property less than 5 years when they sell.
For those looking to sell or buy, the current downward trend in the market 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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