Foreign Ownership tax led to Sky-rocketing price increases in Kamloops

User avatar
bb49
Guru
Posts: 5770
Joined: Jul 16th, 2019, 2:38 pm

Foreign Ownership tax led to Sky-rocketing price increases in Kamloops

Post by bb49 »

https://cfjctoday.com/2021/10/25/b-c-s- ... tru-study/

Bill 28, B.C.’s foreign ownership tax led to sky-rocketing price growth in exempt cities like Kamloops: TRU study

Unlike parts of the Okanagan, Kamloops was exempt from this tax and it led to a surge in house prices.

From the report
January 2011 to August 2015, the average price increase per month is $407.87.

August 2015 to February 2018, the average price increase per month is $1991.66.

February 2018 to July 2020, the average price increase per month is $2093.71.

And what this study does include are the insane price increase in late spring, early summer of this year.

For me as a home owner and thinking of downsizing next year, keep it up. :up:
I_am_a_Canadian
Catri
Grand Pooh-bah
Posts: 2510
Joined: Jul 13th, 2012, 7:18 am

Re: Foreign Ownership tax led to Sky-rocketing price increases in Kamloops

Post by Catri »

bb49 wrote: Oct 28th, 2021, 6:30 pm https://cfjctoday.com/2021/10/25/b-c-s- ... tru-study/

Bill 28, B.C.’s foreign ownership tax led to sky-rocketing price growth in exempt cities like Kamloops: TRU study

Unlike parts of the Okanagan, Kamloops was exempt from this tax and it led to a surge in house prices.

From the report
January 2011 to August 2015, the average price increase per month is $407.87.

August 2015 to February 2018, the average price increase per month is $1991.66.

February 2018 to July 2020, the average price increase per month is $2093.71.

And what this study does include are the insane price increase in late spring, early summer of this year.

For me as a home owner and thinking of downsizing next year, keep it up. :up:
I have no doubt this is true, but Kelowna has seen the same kind of ridiculous increases over the last couple of years as well, so I suspect it's not just the spec tax. I know it's a little hypocritical of me, having already cashed out of the Okanagan and with no intention to sell again soon, but I find it hard to celebrate housing becoming less affordable in the Shuswap and Thompson areas too.

Return to “Kamloops”