What Might We See From the New Budget Plan?

What should you expect from the new budget from the federal government this April? These are the most plausible rumors at this point.

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There's a new budget coming around in April and today, I wanted to address some of the rumors and how it could affect real estate.

There's so much pressure mounting for the federal government to do something to cool the red-hot market, and we're starting to see signs of that already. We don't know what they'll do, but the first rumor is that the capital gains tax will increase from the current 50% to 70%, 80%, or maybe even 90%. 

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The capital gains tax could go up as high as 90%.

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The second rumor is that the foreign buyer tax is being revisited. They're looking into bringing the tax from Vancouver and B.C. to here again. Hopefully they don't go through with it, though.

The third way the market could be affected is a law they're considering that would impose a tax on vacant properties. If you have a property that's been sitting on the market for six months or more, there will be an additional tax when you sell it.   

All these measures are efforts to cool the market and get flippers out of the market, which they say has caused inflation. We'd like the market to stay strong forever, but in reality, we always have to look out for when things cool down. We haven't seen any huge effects yet, but we're seeing some signs of softening.

If you have any questions about how this could affect you or about the market in general, you can always give me a call or send me an email. I'm happy to help!

The Power of a Personal Touch

A personal touch can go a long way in a competitive real estate market. Here’s what I mean.

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There’s a lot of power in a personal touch. 

This afternoon, we had a bully offer come in, which is a preemptive offer that comes in before the offer date. The listing is down on the beaches, and everyone wants to make an offer on it. 

The power of the personal touch comes this afternoon as one of the agents has met with his clients to prepare a letter from the buyers. They wrote it up themselves and included a photograph of their family to talk about how much they love the property and how it’s a perfect fit for them and how they fell in love with it. 

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There’s a lot of power in a personal touch.

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Sure enough, the seller who said no to all previous negotiations is now open to a conference call to discuss the offer. Remember, if an offer gets stuck, a personal touch can really help move it along. We see it happen over and over again.

If you have any questions about other things you can do to make an offer on a home stand out, give me a call or send me an email. I’d be happy to help you!

Assignment Sales Are Just Another Area of Our Expertise

No matter the type of sale, we can help. In fact, we are in the process of facilitating a tricky assignment sale of a new property.

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An assignment sale is when the original buyer of a property allows another buyer to take over their rights and obligations of the purchase agreement before the original buyer takes possession of the property.

I am in the process of completing an assignment sale for a brand-new unit. In fact, it’s still under construction. I’m holding a private open house for the property with a few select buyers that are looking for a unit just like this one.

The original buyer is happy because they are going to make a profit off of the sale. The new buyer is happy because they are going to get the first crack at this property and not have to compete with other buyers for it. If the property was listed on the MLS, the competition would likely be heavy. Everyone wins when we are able to coordinate an assignment sale like this.

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We’re always looking for win-win situations.

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If you have any questions for us or know someone in need of a buyer for an assignment sale, let me know. We may be able to help out. I look forward to hearing from you soon.