The Karen Millar Team

The Shops at Don Mills
8 Sampson Mews #201
Toronto, ON
M3C 0H5

1.877.366.SOLD (7653)

Contact Us

Signature Realty

Tuesday, 26 July 2016

Land transfer tax in BC

Thanks to a great mortgage specialist named Jake Abromowicz, we received the following update:
"Holy Cow! Starting August 2nd, "foreign buyers" will face a FIFTEEN PERCENT LAND TRANSFER TAX on real estate purchases in that province. Expect two things to happen:
1. We will have a sudden surge of potential buyers looking to park their money here.
2. We will have the same/similar thing in Ontario.
and then there will be the side-effect 
3. A lot of "foreign buyers" will become either Canadian nationals OR will find local buyers to buy for them.But holy smokes! 8 days to get this new resolution in? That's insanely fast. 
Remember the ice bucket challenge from last year? Imagine that on the Vancouver real-estate market right now. Dunk!"
Jake Abramowicz

The Mortgage Jake App is available for iTunes & Android

I've have been interviewed in such outlets as: Bloomberg TVMoney SenseGlobe and MailToronto Star and CFRB 1010 Talk Radio.

FSCO Agent Id: M08003274 a mortgage edge agent, MBL 10680

Always a great source of info Jake!

No comments:

Post a Comment