"Outsiders need not apply"

[Catri]

Real Estate prices have gone "through the roof" in Fort McMurray over the years, and nobody has complained of out-of-province workers moving there. They are not blamed for driving up the RE prices. Instead they are welcomed with open arms and are accepted as a benefit to the province.

Median household income in Fort McMurray is $196k, in Kelowna it's $71k (StatsCan 2015 pre-tax numbers), yet housing costs are comparable. They don't have an affordability issue up there and this discussion isn't about workers moving here, it's about absentee owners leaving properties sit vacant. If actual industry came back to the area and people from across the country were flocking here to take on decent paying jobs for honest work and that was what was driving up the housing prices, we wouldn't be having this discussion either.

[super_charged06]

I understand there is a lot of concern over the new proposed speculation tax and a lot of media coverage from the opposed side. I wish there was more coverage showing the millions of BC residents who are happy at the thought that the real estate market might see some correction. Its hard to feel bad for people that have the money to leave a house sitting empty while others can't even afford one house in a community that they live in and contribute to the local economy for twelve months out of the year. It isn't right when a middle class earner can't afford a detached house to raise his family in, and the prospect of younger people owning a house is disappearing. I am not hoping for a crash, but a good correction is overdue. Sorry if you bought your house at the height of the market, but that can happen in any normal market. There will always be people who bought higher and those lower, but if you are truly buying a house to live here long term then eventually the cycle will rise again. Although I am in favour of methods to correct the market, I believe that any of these measures should be applied across the entire Province and not just select pockets.
The voices of the wealthy minority are once again being the ones that get heard and I don't believe that they reflect the views of the low/middle class majority. Hopefully your comments will shed some light on that.

[vegas1500]

See other threads

[Rjamer]

I understand there is a lot of concern over the new proposed speculation tax and a lot of media coverage from the opposed side. I wish there was more coverage showing the millions of BC residents who are happy at the thought that the real estate market might see some correction. Its hard to feel bad for people that have the money to leave a house sitting empty while others can't even afford one house in a community that they live in and contribute to the local economy for twelve months out of the year. It isn't right when a middle class earner can't afford a detached house to raise his family in, and the prospect of younger people owning a house is disappearing. I am not hoping for a crash, but a good correction is overdue. Sorry if you bought your house at the height of the market, but that can happen in any normal market. There will always be people who bought higher and those lower, but if you are truly buying a house to live here long term then eventually the cycle will rise again. Although I am in favour of methods to correct the market, I believe that any of these measures should be applied across the entire Province and not just select pockets.
The voices of the wealthy minority are once again being the ones that get heard and I don't believe that they reflect the views of the low/middle class majority. Hopefully your comments will shed some light on that.

I am sure most people have heard a certain bank tell Canadians that " You are richer than think ".. With interest rates on the rise Canadians are beginning to find out that they are "Poorer than they thought ".. I think it is very possible that a lot of these people that bought second homes in BC may not be that rich so I would say if they cannot afford to have second home in BC they should probably think about selling.. Everything changes ,, including taxes... This page is from June 2017 which is dated but the debt situation maybe worse now... https://globalnews.ca/news/3548933/cana ... ax-report/

[Vacancyrate]

I think it is very possible that a lot of these people that bought second homes in BC may not be that rich so I would say if they cannot afford to have second home in BC they should probably think about selling.

When Kelowna city council says the tax could have "disastrous results for the city", what they mean is that tax could be disastrous for people who are gambling with real estate.

[Urban Cowboy]

I understand there is a lot of concern over the new proposed speculation tax and a lot of media coverage from the opposed side. I wish there was more coverage showing the millions of BC residents who are happy at the thought that the real estate market might see some correction. Its hard to feel bad for people that have the money to leave a house sitting empty while others can't even afford one house in a community that they live in and contribute to the local economy for twelve months out of the year. It isn't right when a middle class earner can't afford a detached house to raise his family in, and the prospect of younger people owning a house is disappearing. I am not hoping for a crash, but a good correction is overdue. Sorry if you bought your house at the height of the market, but that can happen in any normal market. There will always be people who bought higher and those lower, but if you are truly buying a house to live here long term then eventually the cycle will rise again. Although I am in favour of methods to correct the market, I believe that any of these measures should be applied across the entire Province and not just select pockets.
The voices of the wealthy minority are once again being the ones that get heard and I don't believe that they reflect the views of the low/middle class majority. Hopefully your comments will shed some light on that.

LOL
Of course you are hoping for a crash. You want your fortunes to be improved by wishing disaster on someone else. It's also presumptuous to assume that everyone who owns a summer home here is wealthy. We've already gotten feedback from some who clearly aren't. Don't you think it's entirely possible that some may be finishing off their working lives in Alberta, and purchased a home here to retire to, but the permanent residence they still reside in is for the most part their nest egg, and they can't sell it just yet.

What I get out of this discussion is that some feel they are perfectly within their rights to tell others how they can and can't plan their retirement. I do not agree with that at all. This tax was supposed to nail speculators and foreigners, something I have no issue with, but sticking it to fellow Canadians who have simply followed a retirement plan is not right, in any way shape or form.

Here's a thought, if you can't afford a detached house on your income, you have options just like everyone else, increase your income, set your sights on something realistic for your income level (may well not be a detached home the first time, so you may have to consider a duplex, something many started out with), or go to Alberta, make your fortune, and come back here to buy your dream home.

You do realize that if we do enter a crash, correction, recession, whatever term you prefer, as they mean about the same, that an unfortunate consequence of that, is the economy suffers, and when that happens jobs are in jeopardy. It's often those in the very income bracket you are in, that feel the pinch first and the worst.

You're living in one of the most expensive places in Canada, so what exactly were you expecting?

I mean no offense by this, just feel that your post begged for a dose of reality.

I knew full well, when I moved my family back here in 1988, that it would mean sacrifices. We discussed it and accepted that reality, deciding that we'd rather be warm and poorer, as opposed to freezing our butts off and wealthier.

There are people who live a lifetime without owning a home, so I'm hard pressed to understand, how everyone figures that's automatically what they are entitled to. Just a personal observation so rambling, ignore me.