So, I have been doing my best to keep my ear to the ground on this new BC Home Flipping Tax to get a sense of what people are saying. Trying my best to listen to all the voices. Developers, real estate agents, home buyers and real estate investors. The following is what I have been hearing.
Some developers are worried that it will hamper their presales for future developments.
There are some Real Estate Agents, who worry that this will reduce the size of their client base and lower their transactions.
Most potential home buyers are excited that wait lists and overall competition for homes may be reduced to actual families trying to buy a home to live in and raise their families.
Many Real Estate Investors wondering if they will need to switch strategies on their portfolios.
Are these worries justified? Depending on what bucket you fall in, you may even be excited about what this will do for the market.
As for me? I am optimistic. I believe that developers will see that demand stay high as we are in a well-documented housing shortage, that some even describe as a “crisis”. I believe Real Estate Agents, as always, will adapt to new market conditions. Those agents focused on families and their needs will excel even more. Real Estate Investors will shift their strategies. The new strategy may start with a longer-term outlook. Their strategies will need to adapt to include a “contributing to the community” approach.
Only times will tell, but there are always ways to be successful in real estate, especially in British Columbia’s lower mainland. I would love to hear more personal stories and to share mine. Reach out anytime to discuss. I love showing people all their options when it comes to growing your wealth through real estate.
There are great options that will have you, not only contribute to your wealth but also help contribute to much-needed housing.
You can contact our investing team at: Investing@AzureProperties.Group