COULD THE NEW PROVINCIAL GOVERNMENT HOUSING PLAN HURT RETIRED HOME OWNERS?2018-03-02 12:32:24 Posted By Amir Hamzehali
The Government’s comprehensive housing plan is about to increase the school tax on the wealthiest home owners, in hopes that this increase will stabilize the housing market prices. This plan specifically targets properties that are valued higher than three million dollars.
The new plan is not clear on how home market values will be calculated for home owners who have purchased their current properties a long time ago. The Government may probably use tax assessments of these properties as an indicator of current market value.
As we know, many retirees are sitting on large amount of wealth coming from their home equities but are living on a fixed income and a very tight budget. As a result, they cannot bear any extra tax burdens. Most of these people have purchased their properties decades ago, love their homes and their neighbourhoods, and no matter what their properties’ values are, they are not willing to move from their homes.
Unfortunately, the ever-increasing costs of living in Metro Vancouver have already forced numerous members of our older population to sell their homes and move to other smaller cities despite their true will.
Nobody expects fairness and compassion from the hands of the free market, but when it comes to the Government, we expect otherwise!