What’s Happening Quesnel?
The PPT was originally brought in as a temporary measure to tax the rich who bought homes. It was set up as a staged system, with 1% on the first $200,000 and 2% on anything thereafter. When it was instituted a mere 5% of buyers paid the higher stage, but with rising house prices in the 25 years it has been in effect, that number has bloated to 87%. It has become a tax on homebuyers across the spectrum. While the first time home buyers are exempt, this tax has become a major revenue stream for government coffers. There is a reluctance to remove it or change it, as it provides more revenue than many of our province’s industries. While the necessity to tax is obvious, the way it is done is a determent to the real estate industry and economy. The economy benefits each time a house is bought or sold, with the spin offs providing an injection of capital spending with each transaction. The inspectors, lawyers, real estate agents, trades persons, furniture and home improvement stores all pay taxes and re-circulate their earnings in their communities. It is also the only tax that is paid multiple times on a single commodity. It is time for the government to review the tax and index it to the house values. That way, if the property prices drop, so does the level at which the tax is charged. The current $200,000 base threshold is antiquated and should be raised to reflect a more realistic property value….. A lot has changed in 25 years, but not the property transfer tax!!!
Wow, the REALTORS® were hopping this week, with 18 new listings, making the detached residential count 189 units on MLS®. The sales numbers were huge too with 11 solds, six of them being over average sale price. One was on the market for over 460 days! Just goes to show there is a buyer for every house. Also noteworthy is that there is only 1 foreclosure currently listed, down from our average 4-7 properties at any given time. With 8 price drops, the market continues to be in high alert. Great to see the activity continue!
Always a great experience for young and old alike, and it is coming to our City, courtesy of the Quesnel Rotary and Rodeo Clubs….thanks to all those volunteers who make it happen…. July 16th is the day
The MLS® system saw another burst of listings with 17 new listings, most of which were new to the marketplace. Several lots, a couple of farms and a couple of property guys listings. Price changes were prevelant this week with 14 drops over a wide range of properties. Sales numbered 6, with an even divide between long time listings and relatively new ones.
Chance of Rain