You may recall my net worth increased greatly when we managed to sell our home well above what we were tracking it at.
Unfortunately, all good things come to an end and last month the British Columbia government introduced an increased property transfer tax to cool the market. While nobody knows what the impact will be, most jurisdictions that have implemented a tax like this have had a decline in sales prices.
A decline in sales prices may be what the province and city need as a whole and for that I welcome the decision. At the same time, I just purchased a single family home in the market one month before the tax was implemented, have material real estate investments, and am employed in the real estate development industry. Given that, it’s led to a slight amount of anxiety for me as we wait to see the outcome, which we may have by the Q3 net worth update.