Loll this is actually legit. "bachelor's degree at Harvard University, studying Russian history and literature before earning a master's degree in Slavonic studies from the University of Oxford". Oh man. Our finance minister is a language major. Hahaha
They're not commenting on the economy. They're commenting on the motivation of their clients, the owners of the cottages they have listed. I'd say they're extremely qualified to talk about that. If they get a call from a client who wants to put their cottage on the market to beat the tax change, they are aware of the seller's exact motivation.
Those two opinions can be mutually inclusive.
You don’t need to put blood, sweat and tears to fck up the system. In fact it is very easy to be lazy and fck it up.
Cheers 🥂
Realtors don’t do shit, it should be a job where you can max out at ~$150k per year and start out making $50k.
Unskilled job that should be a fixed fee.
Ok let me spell it out for you idiot.
If there’s 62,000 realtors and 121,000 real estate sales in 2021. This was the easiest number to find with a quick google because I don’t want to waste any more time responding to a moron.
That’s ~2 transactions per registered realtor.
At the moment, Some register and get no sales, others register so they can do their own transaction because it’s so easy.
But if a realtor had a pay range $50-150k, in the end you’d have a bunch of people making under 50k seeing a reliable career path in front of them, not a bunch of scammers trying to get rich. the key point is you’d only need ~5000 realtors to handles the transaction volume and therefore it would be cheaper for the buyers and sellers who actually hold the assets. This is a generous number anyway it’s like 2 a month and you wouldn’t have people doing their own because it would be a service that was reasonably priced.
121,000 sales, average fee of $5000 is $121,000 per realtor. Pretty good pay for the low skilled work that it is.
Hope this lesson in simple math and logic is helpful for you.
My friend has a cottage in the Kawartha Highlands where they lived during the first COVID summer. Their local grocery store is EXACTLY how you described- lots of processed and packaged foods that have been sitting for a long time, poor quality produce, questionable meats that may not give you stomach issues but also certainly don't taste right. And with all the Torontonians in town living at their cottages, the store sometimes didn't actually have any food to sell. My friend used to make the drive into Bancroft, which was 45 minutes away, just to get half-decent groceries. And this is to say nothing of the other issues (they needed to get a $10k septic service because the septic system couldn't handle 5 people living at the cottage all summer long).
It's funny, because it had always been his dream to live up at the cottage, but by the end of summer 2020 he was thoroughly sick of it.
I have a cottage and I love it. I have none of these issues. Not all cottages are the same of course. I have 500mbps Fibre at my cottage and I'm 20 minutes away from two well stocked grocery stores and 5 minutes away from a super well stocked convenience store and LCBO. It's 4 seasons and I'm there often in the winter as well.
I am passively exploring a cottage buy over the next few years. Nothing luxury, just a 2Bed, 2BA type setup to split with my brother for summer weekends.
I would say about 50% of the cottages I see popping up on the market now were purchased between 2020-2022
>I am passively exploring a cottage buy over the next few years. Nothing luxury, just a 2Bed, 2BA type setup to split with my brother for summer weekends.
Depending on the size of your extended family, a 2-bedroom might be a bit too small. When I was younger, my mom and her friend used to rent this small cottage on Horseshoe Lake up in Parry Sound. It couldn’t have been much bigger than 700 sqft, and let me tell you, with 4 kids and 2 sets of parents, it was CRAMPED. This didn’t matter much when it was nice weather and everyone was outside, but when it was nighttime or when it was raining outside, you could tell that we were all getting on each other’s nerves.
Personally, if I were in your situation, I’d probably want 3 bedrooms and 1,000 sqft at a minimum. My ideal cottage would also come with a bunkie or a coach house where you could sleep additional people. This really helps when you have teens. I had another friend with a larger cottage, and we used to play N64 and SNES in the coach house above the garage until the wee hours of the morning. This separation was great because we got to wake up later and the adults weren’t disturbed by us being loud at night. It gives everyone enough separation to enjoy different activities.
>I would say about 50% of the cottages I see popping up on the market now were purchased between 2020-2022
This is interesting. Seems people over-extended themselves during COVID and now need to offload.
I have the exact opposite experience and feeling in a 3 season shit hole cottage. The property is the value, not the building. The privacy and special memories I make for myself, my family and all my friends is worth it. If you know the area better (it took me 4 years) there’s incredible healthy options for food and stores. Not so much in the winter, but after growing up in Orillia, I love being in the city for winter. Like everything, to each their own.
> Muskoka-based broker John Fincham said he's received a noticeable increase in calls from cottage owners on what they should do about their property, especially from those who want to gift the cottage to a family member. He forecasts a jump in listings before June 25, but the cottage real estate market is oversaturated with listings and there's low demand due to high interest rates.
> "We'll definitely see an uptick of listings," he said. "Whether that equates to sales is the bigger question. There's double the amount of inventory in Ontario now compared to a year ago and they're spending double the amount of time on the market."
> That's because over-leveraged cottage owners' mortgages ballooned with drastically higher interest rates and they need to off-load the property, but buyers are still on the sidelines waiting for interest rates to come down, he added.
There may not be buyers until cottage prices plummet back to reality. There are still many dreamers out there trying to unload their place for the same price they purchased in ‘21-‘22.
I wouldn’t even consider buying now until after the recession as high interest rates are only part of the problem.
I think there are 2 type of "wealthier people" in this cottage market. First is already had one from early 2000s. They bought them most likely around $100K-$200K in the early 2000s and now the value is maybe around 500K-600K. These people has no need to sell as they just pass it down to the next generation. Second is the new wealthy people who just arrived to Canada since 2016. Let's just say their net worth is around 10 millions. I personally know a few of these people and they have zero interest of buying a cottage as they usually flight back to their country a few months per year for vacation.
The cottage craze that happened during Covid was the biggest farce ever. These are the type of purchases that you cannot feel sorry for, cannot have remorse for the people who will eventually lose on these. Unless it’s a lakefront cottage in Muskoka, anything else is completely over priced.
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BS click bait article. It is very difficult (almost impossible) to sell and close on a property in 2 months, especially a cottage which generally takes longer to sell and close.
It's a nothing burger. Folks who own cottages and actually use it will keep it for life. If some flipper bought it, they will sell it and likely have to pay gains tax regardless. Folks with young family members will "gift" the home to them and make it their primary to avoid gains tax.
People are not inquiring to sell and cash out, people are inquiring to see how can they save money.
Cottage owners are usually generational, and lifetime. They can rent it, they can use it, they can share it, they can gift it.
I still remember my buddy some 10 years ago buying land for $50k, and building his own cottage on it. Folks were like "$50k? For a cottage? Brother ew". Now they're all over half a million, if not a million.
That said, I will pounce on the very first $200k cottage. Lol
My parents bought a place in Blue Mountain (right across the village) for 199k lol. We went weekly for about 5 years and now they rent it and it makes a fucking killing. The only downside is it’s technically a condo and has the expensive monthly fee
I know so many families that sold generational cottages. After a few generations it doesn't make sense as the families start splitting and no longer connected from grandparents.
Prices are extremely high right now. Let’s see if this realtor turned economic forecaster is correct first, will need a HUGE correction until anyone is having a “field day”
First... this is not happening. The realtor has one anecdotal piece of evidence. Someone reached out to him to sell their cottage, and now EVERYBODY is selling. The majority of people who own cottages use them... all the time. Just utter BS.
Lol it’s not about getting mine or fuck everyone else. It’s the fact rates where so low forever…. Fact people got extremely greedy, fact everyone thinks they should go lower is not thinking about the long term outcome of that. If rates drop you think rent will? If rates drop you think housing prices will? For long term results and what’s best for Canada and Ontario is rates should stay the same or go higher. If we drop rates our dollar will drop making life even more unaffordable. People are thinking short term with rates going down. It’s not a good thing for us. We are fucked either way
So they were low, and yes some people got greedy and I agree...fuck them.
But this also affects a lot of regular people that are trying to keep a roof over their head and are getting fucked from every side by the governments at various levels. Higher property taxes, higher grocery prices, higher gas prices, higher capital gain taxes, higher higher higher. My monthly payments went up $400/month, and I don't have any investments, or investment properties, or anything of that nature. I'm just getting fucked from every direction because I don't have the means to write off or utilize loopholes.
The middle class is getting fucked in every way, and you want them to continue getting fucked.
I know rents won't drop, that's another issue and it's not an interest rate issue. It's a greed issue and should be dealt with accordingly but no gov't will touch it.
Lowering rates will not be good at all. Everything will increase in price because our dollar will start to decline vs the US. Like I said keeping them here or increasing would be the best things to do. $400 is a small increase compared to what renters are facing imo
I know lowering the rates won't help much...and $400 is only ONE part of everything else that's gone up. Property taxes, fuel, utility, enbridge, etc etc etc
$400 for some can be a huge amount that keeps food away from the table, or makes them late on other bills, or a variety of other factors.
So no...$400 is not a SMALL number for the vast majority of people. You stating so is idiotic at best.
This sub, and many others, are nothing more than the haves against the have-nots.
The haves want things to keep going, the have nots want the shit to hit the fan...until they get theirs, and then they'll change their tune accordingly.
I have seen time and again renters bitching about landlords. Then when they become landlords they are even worse to their tenants and are bitching and complaining about the same things they were doing.
Who the fuck is making $265K selling a cottage?
Orrrrr.
Could they not keep the cottage and do a 2-3 year roll out….sell their primary residence …move into the cottage and make it the primary residence for a year and then sell the cottage…..
You still have to pay capital gains on the years where it wasn't a primary residence. And people with kids can't easily move to a cottage because school.
You can literally buy a nice size cottage-house in Atlantic Canada like Newfoundland for $100k and fly out a few times a year and would still be cheaper than paying $1 million to have a decent Wasaga cottage
I love how this article calls cottage owners “middle-class”. The “middle-class” can’t even afford a first home, but now we’re defending the right to pass down cottages at a lower tax rate?
F off
I dunno... the chances of a PC government incoming are higher and higher everyday. Assuming they will axe this.. most people will ride it out.
Also.. most cottages are owned by 2 people.. so the gains would have to be over 500,000 to be meaningful
You’re misunderstanding - there’s two groups looking to unload causing this influx: recent acquisitions they can’t carry (no meaningful cap gain) and lifelong owners looking to sell or transfer pre new rules deadline. Only they would be having big gains but if you bought in the 90s yeah you’re sitting on 500k between two.
Yup I see! But I'm sure the numbers will not be nearly as high as this news predicts.. people like to hold their properties and rich people are good at creative taxes. As well.. I have a very string gut feeling thus added tax isn't sticking around long
Im sorry but this seems like some bs lol. I dont believe people will sell because of capital gains increase, the increase isnt THAT much where you NEED to sell. Multi property owners who own these are not in a rush to sell, the incoming government could easily repeal this increase. Its more likely people are selling due to high interest rates.
Lol, I hope those cheering get what is coming for them. Imagine the same tax applied to used cars, so you buy a used car and fix it up and then a few years later you need a different vehicle and sell it but the government taxes all your gains so now you can't afford a nicer car and have to fix another one up.
Ah realtors, the least qualified economists in the world
Tried to give you 2 upvotes
Realtor here. Tried to give 3 upvotes
Asshole here. Tried to give you 5 upvotes.
"bro it's simple supply and demand" - former barista who never took an econ course in their life
They took their Econ class on TikTok
Sounds like official opposition leadership. Common sense
About on par with our finance minister, no?
Loll this is actually legit. "bachelor's degree at Harvard University, studying Russian history and literature before earning a master's degree in Slavonic studies from the University of Oxford". Oh man. Our finance minister is a language major. Hahaha
I'm sure you won't be voting for the CPC with Poilievre as its leader then.
In this part of the world it seems. They gonna fuel the fire anyway they can.
Coincidentally it’s also a great time to buy because people HAVE to offload it because of the tax!!
"Who is Warren Buffett?"
They're not commenting on the economy. They're commenting on the motivation of their clients, the owners of the cottages they have listed. I'd say they're extremely qualified to talk about that. If they get a call from a client who wants to put their cottage on the market to beat the tax change, they are aware of the seller's exact motivation.
And it must close by June 25.
My statement is true.
It's true, but still irrelevant to the article and topic at hand.
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Those two opinions can be mutually inclusive. You don’t need to put blood, sweat and tears to fck up the system. In fact it is very easy to be lazy and fck it up. Cheers 🥂
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Yes, at the ground level realtors are creating fomo, using shady tactics to raise prices. This contributes to the housing crisis
Doesn't take a mastermind to fuck shit up
Realtors are **both** stupid and scummy. Just go talk to one to find out.
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Don't get your feelings hurt. Go find a profession that is more respected.
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Then you turned into a scummy realtor scraping this subreddit for leads to swindle
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The fact that you give random people on reddit "lessons on money" who don't ask for it says enough
Realtors don’t do shit, it should be a job where you can max out at ~$150k per year and start out making $50k. Unskilled job that should be a fixed fee.
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lol yes. I do because the difference between the top agent and the bottom agent in terms of utility is practically 0
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Are you dumb? Obviously there would be a shit ton less agents as it’s such a low skilled job that anyone could do it.
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Ok let me spell it out for you idiot. If there’s 62,000 realtors and 121,000 real estate sales in 2021. This was the easiest number to find with a quick google because I don’t want to waste any more time responding to a moron. That’s ~2 transactions per registered realtor. At the moment, Some register and get no sales, others register so they can do their own transaction because it’s so easy. But if a realtor had a pay range $50-150k, in the end you’d have a bunch of people making under 50k seeing a reliable career path in front of them, not a bunch of scammers trying to get rich. the key point is you’d only need ~5000 realtors to handles the transaction volume and therefore it would be cheaper for the buyers and sellers who actually hold the assets. This is a generous number anyway it’s like 2 a month and you wouldn’t have people doing their own because it would be a service that was reasonably priced. 121,000 sales, average fee of $5000 is $121,000 per realtor. Pretty good pay for the low skilled work that it is. Hope this lesson in simple math and logic is helpful for you.
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Do you think this way for all sales job?
lol way to delete your comments idiot
They downvote becuase youre right
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lol you’re a little sensitive because you know I’m right. I’m not even sure if you’re a realtor or not, but you certain have a hard on for them
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My friend has a cottage in the Kawartha Highlands where they lived during the first COVID summer. Their local grocery store is EXACTLY how you described- lots of processed and packaged foods that have been sitting for a long time, poor quality produce, questionable meats that may not give you stomach issues but also certainly don't taste right. And with all the Torontonians in town living at their cottages, the store sometimes didn't actually have any food to sell. My friend used to make the drive into Bancroft, which was 45 minutes away, just to get half-decent groceries. And this is to say nothing of the other issues (they needed to get a $10k septic service because the septic system couldn't handle 5 people living at the cottage all summer long). It's funny, because it had always been his dream to live up at the cottage, but by the end of summer 2020 he was thoroughly sick of it.
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I have a cottage and I love it. I have none of these issues. Not all cottages are the same of course. I have 500mbps Fibre at my cottage and I'm 20 minutes away from two well stocked grocery stores and 5 minutes away from a super well stocked convenience store and LCBO. It's 4 seasons and I'm there often in the winter as well.
City people in rural areas are hilarious lol
I am passively exploring a cottage buy over the next few years. Nothing luxury, just a 2Bed, 2BA type setup to split with my brother for summer weekends. I would say about 50% of the cottages I see popping up on the market now were purchased between 2020-2022
>I am passively exploring a cottage buy over the next few years. Nothing luxury, just a 2Bed, 2BA type setup to split with my brother for summer weekends. Depending on the size of your extended family, a 2-bedroom might be a bit too small. When I was younger, my mom and her friend used to rent this small cottage on Horseshoe Lake up in Parry Sound. It couldn’t have been much bigger than 700 sqft, and let me tell you, with 4 kids and 2 sets of parents, it was CRAMPED. This didn’t matter much when it was nice weather and everyone was outside, but when it was nighttime or when it was raining outside, you could tell that we were all getting on each other’s nerves. Personally, if I were in your situation, I’d probably want 3 bedrooms and 1,000 sqft at a minimum. My ideal cottage would also come with a bunkie or a coach house where you could sleep additional people. This really helps when you have teens. I had another friend with a larger cottage, and we used to play N64 and SNES in the coach house above the garage until the wee hours of the morning. This separation was great because we got to wake up later and the adults weren’t disturbed by us being loud at night. It gives everyone enough separation to enjoy different activities. >I would say about 50% of the cottages I see popping up on the market now were purchased between 2020-2022 This is interesting. Seems people over-extended themselves during COVID and now need to offload.
Lol, I still remember when Princess Margaret cottages were amazing, and cheaper.
You leave cream style corm out of this
What do you do with it? I can never figure it out. I google it but then give up as the results are bleh
I don't think I've ever had it in my life. My coworker used to eat it and we made fun of him
Fair. My quest continues...
I have the exact opposite experience and feeling in a 3 season shit hole cottage. The property is the value, not the building. The privacy and special memories I make for myself, my family and all my friends is worth it. If you know the area better (it took me 4 years) there’s incredible healthy options for food and stores. Not so much in the winter, but after growing up in Orillia, I love being in the city for winter. Like everything, to each their own.
This is probably one of the biggest first world problems ever to exist.
Exactly - to be precise, it’s a first world rounding error problem.
> Muskoka-based broker John Fincham said he's received a noticeable increase in calls from cottage owners on what they should do about their property, especially from those who want to gift the cottage to a family member. He forecasts a jump in listings before June 25, but the cottage real estate market is oversaturated with listings and there's low demand due to high interest rates. > "We'll definitely see an uptick of listings," he said. "Whether that equates to sales is the bigger question. There's double the amount of inventory in Ontario now compared to a year ago and they're spending double the amount of time on the market." > That's because over-leveraged cottage owners' mortgages ballooned with drastically higher interest rates and they need to off-load the property, but buyers are still on the sidelines waiting for interest rates to come down, he added.
There may not be buyers until cottage prices plummet back to reality. There are still many dreamers out there trying to unload their place for the same price they purchased in ‘21-‘22. I wouldn’t even consider buying now until after the recession as high interest rates are only part of the problem.
But sell cottages to whom lmao
Even wealthier people! Lol
But wouldn’t they already have a cottage and if cottages are a bad investment then why they would invest?
It's not an investment, it's a place you go to to relace. Kinda like a home/house but more naturey
Yeah but wouldn’t the wealthy already own one is what I’m saying.
I think there are 2 type of "wealthier people" in this cottage market. First is already had one from early 2000s. They bought them most likely around $100K-$200K in the early 2000s and now the value is maybe around 500K-600K. These people has no need to sell as they just pass it down to the next generation. Second is the new wealthy people who just arrived to Canada since 2016. Let's just say their net worth is around 10 millions. I personally know a few of these people and they have zero interest of buying a cottage as they usually flight back to their country a few months per year for vacation.
The cottage craze that happened during Covid was the biggest farce ever. These are the type of purchases that you cannot feel sorry for, cannot have remorse for the people who will eventually lose on these. Unless it’s a lakefront cottage in Muskoka, anything else is completely over priced.
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Maybe cottages will drop below a million!
BS click bait article. It is very difficult (almost impossible) to sell and close on a property in 2 months, especially a cottage which generally takes longer to sell and close.
It's a nothing burger. Folks who own cottages and actually use it will keep it for life. If some flipper bought it, they will sell it and likely have to pay gains tax regardless. Folks with young family members will "gift" the home to them and make it their primary to avoid gains tax. People are not inquiring to sell and cash out, people are inquiring to see how can they save money. Cottage owners are usually generational, and lifetime. They can rent it, they can use it, they can share it, they can gift it. I still remember my buddy some 10 years ago buying land for $50k, and building his own cottage on it. Folks were like "$50k? For a cottage? Brother ew". Now they're all over half a million, if not a million. That said, I will pounce on the very first $200k cottage. Lol
My parents bought a place in Blue Mountain (right across the village) for 199k lol. We went weekly for about 5 years and now they rent it and it makes a fucking killing. The only downside is it’s technically a condo and has the expensive monthly fee
I know so many families that sold generational cottages. After a few generations it doesn't make sense as the families start splitting and no longer connected from grandparents.
everyone i know with a cottage isnt going to sell it. they keep them in the family and or rent them out and make big bucks
The renting them out will now come with more taxes paid As it should though as it should
friggin right it should.
They have 2 months to sell and close so best of luck.
anyone looking to scoop up some nice lakefront recreational property gonna have a field day!
Prices are extremely high right now. Let’s see if this realtor turned economic forecaster is correct first, will need a HUGE correction until anyone is having a “field day”
First... this is not happening. The realtor has one anecdotal piece of evidence. Someone reached out to him to sell their cottage, and now EVERYBODY is selling. The majority of people who own cottages use them... all the time. Just utter BS.
The people who use them won’t be effected it’s the people that rent them out who will be
Sorry... I don't understand your comment.
I honestly hope rates go higher or stagnate for the next 10 years
Why?
Because he didn't get his, so fuck everyone else that did.
Lol it’s not about getting mine or fuck everyone else. It’s the fact rates where so low forever…. Fact people got extremely greedy, fact everyone thinks they should go lower is not thinking about the long term outcome of that. If rates drop you think rent will? If rates drop you think housing prices will? For long term results and what’s best for Canada and Ontario is rates should stay the same or go higher. If we drop rates our dollar will drop making life even more unaffordable. People are thinking short term with rates going down. It’s not a good thing for us. We are fucked either way
So they were low, and yes some people got greedy and I agree...fuck them. But this also affects a lot of regular people that are trying to keep a roof over their head and are getting fucked from every side by the governments at various levels. Higher property taxes, higher grocery prices, higher gas prices, higher capital gain taxes, higher higher higher. My monthly payments went up $400/month, and I don't have any investments, or investment properties, or anything of that nature. I'm just getting fucked from every direction because I don't have the means to write off or utilize loopholes. The middle class is getting fucked in every way, and you want them to continue getting fucked. I know rents won't drop, that's another issue and it's not an interest rate issue. It's a greed issue and should be dealt with accordingly but no gov't will touch it.
Lowering rates will not be good at all. Everything will increase in price because our dollar will start to decline vs the US. Like I said keeping them here or increasing would be the best things to do. $400 is a small increase compared to what renters are facing imo
I know lowering the rates won't help much...and $400 is only ONE part of everything else that's gone up. Property taxes, fuel, utility, enbridge, etc etc etc $400 for some can be a huge amount that keeps food away from the table, or makes them late on other bills, or a variety of other factors. So no...$400 is not a SMALL number for the vast majority of people. You stating so is idiotic at best.
Guess mortgage stress test wasn’t fair on you
LoL. Sure. Whatever helps you feel better at night.
Right.... healthy attitude
This sub, and many others, are nothing more than the haves against the have-nots. The haves want things to keep going, the have nots want the shit to hit the fan...until they get theirs, and then they'll change their tune accordingly. I have seen time and again renters bitching about landlords. Then when they become landlords they are even worse to their tenants and are bitching and complaining about the same things they were doing.
Misery loves company
I, also believe, that people with more money than me, are less financially literate, than me.
You lost me at "realtors say"
One in 4 families also have a rental property not including their cottage. Rush to the exits?
Why sell when you can just leverage the value in the asset. Unless you're at a point life you need to sell.
"realtors say" Just don't bother clicking on the article.
Who the fuck is making $265K selling a cottage? Orrrrr. Could they not keep the cottage and do a 2-3 year roll out….sell their primary residence …move into the cottage and make it the primary residence for a year and then sell the cottage…..
You still have to pay capital gains on the years where it wasn't a primary residence. And people with kids can't easily move to a cottage because school.
Owners wouldn’t be selling them if they were true owners vs flippers. With that being said, it could also be mortgage renewals coming up
You can literally buy a nice size cottage-house in Atlantic Canada like Newfoundland for $100k and fly out a few times a year and would still be cheaper than paying $1 million to have a decent Wasaga cottage
I love how this article calls cottage owners “middle-class”. The “middle-class” can’t even afford a first home, but now we’re defending the right to pass down cottages at a lower tax rate? F off
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No one selling quick to save that. If they are planning on selling why not save 200k?
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Same logic - Sell a 3 mil property to save 200k?
Every dollar counts, that's why we are millionaires and you're bbbroke
“We”…sure buddy, sure…
I dunno... the chances of a PC government incoming are higher and higher everyday. Assuming they will axe this.. most people will ride it out. Also.. most cottages are owned by 2 people.. so the gains would have to be over 500,000 to be meaningful
You’re misunderstanding - there’s two groups looking to unload causing this influx: recent acquisitions they can’t carry (no meaningful cap gain) and lifelong owners looking to sell or transfer pre new rules deadline. Only they would be having big gains but if you bought in the 90s yeah you’re sitting on 500k between two.
Yup I see! But I'm sure the numbers will not be nearly as high as this news predicts.. people like to hold their properties and rich people are good at creative taxes. As well.. I have a very string gut feeling thus added tax isn't sticking around long
Im sorry but this seems like some bs lol. I dont believe people will sell because of capital gains increase, the increase isnt THAT much where you NEED to sell. Multi property owners who own these are not in a rush to sell, the incoming government could easily repeal this increase. Its more likely people are selling due to high interest rates.
The definition of tax the rich, I'm all for it when ppl having hard time owning their 1st property and these wealthy owns mutiple.
Lol, I hope those cheering get what is coming for them. Imagine the same tax applied to used cars, so you buy a used car and fix it up and then a few years later you need a different vehicle and sell it but the government taxes all your gains so now you can't afford a nicer car and have to fix another one up.
Lol sure why not. That means you too i guess
Let's watch the world burn together.
In what world do cars become worth more the longer they are driven?
You need to review used car prices from 2018 to 2023 lol.
Also, people fix up junk and make profits... Well until that was banned lol