Quote:
Originally Posted by pastarocket
There goes property taxes in Vancouver. It's in the interest of the municipal government to keep property values high. Higher home prices means that properties are assessed at higher values. More property tax for boomers to pay to the government.
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Sure, property taxes might go up, but that’s a drop in the bucket compared to the equity gains. Most of these homes are already mortgage free, and many owners have seen 7 figure appreciation over the years. If anything, this policy just gives them another chance to cash in either by selling part of their land or building/selling a second home.