On February 22, 2024, Premier David Eby and the BC NDP government presented their 2024 Budget with profound implications for the British Columbia real estate market. Some great, some...not so great. Amidst a projected record deficit of $7.9 billion and key announcements targeting the housing sector, what's in store for homeowners and prospective buyers? Stay tuned because the impact may not be as good as all the news outlets are saying, especially on housing affordability and housing supply. Join Alex McFadyen, mortgage advisor and owner of Flow Mortgage Co. for an in-depth analysis.
In this video, we'll explore:
📝 Overall Budget Insights: Reflecting on the ambitious projections of the 2024 budget and its potential effects on BC's economy and real estate scene.
🚫 Anti-Flipping Laws Explained: Taking a closer look at the new laws aimed at house flippers. Will they bring the intended market stability, or are they too complex to be effective?
🏡 Property Transfer Tax Reforms for First-Time Homebuyers: Delving into the much-needed changes and their positive impact on market accessibility for first-time buyers.
🏗️ New Build Tax Adjustments: Breaking down the specific updates to the Property Transfer Tax for new build purchasers and their forecasted influence on the housing market.
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This video promises a comprehensive breakdown of the BC NDP's 2024 budget, focusing on the real estate sector, including the debatable "Anti-Flipping Laws" and critical changes to the BC Property Transfer Tax. Whether you're a first-time buyer, a seasoned investor, or simply keeping an eye on BC's housing policies, this analysis has got you covered.
🎙️ Make sure to check out our brand new podcast, "The Flow: Real Estate & Money Show" wherever you listen to podcasts. podcasters.spotify.com/pod/sh...
🌐 For detailed insights and tailored advice for the Canadian market, don't forget to visit www.getflowmortgage.ca/. And, if this content lights a bulb for you, give us a like, share, and make sure you're subscribed to Flow Mortgage Co.
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Timestamps:
0:00 Introduction
0:30 BC 2024 Budget Overview
1:14 New Anti-Flipping Laws - How It Works
2:22 Anti-Flipping Details
3:00 Who Will Be Impacted?
5:02 Our Thoughts on the Anti-Flipping Laws
6:32 Property Transfer Tax Exemption Increase
7:26 How The Property Transfer Tax Changes Work
8:15 Our Thoughts on the Property Transfer Tax Changes
8:34 Property Transfer Tax on New Builds Change
9:26 Alex's Summary & Review of the BC NDP's Changes
Негізгі бет BC NDP Cracks Down on Real Estate Investors
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