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Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
B.C.’s Finance Minister recently released its first fiscal update on this year’s budget and forecasts that property transfer tax revenue will surpass revenue from B.C.’s top five resources, making residential real estate the top source of revenue for the Province of British Columbia.
British Columbian consumers, too, have directly benefitted our province’s real estate frenzy. Our homes have increased significantly in value, increasing our net worth, while a significant number of British Columbians rely on real estate to make their living, from builders and home renovators, realtors, home inspectors, lawyers and many others. And these worker have seen increased wages thanks to brisk home sales.
However, based on numbers released by the Real Estate Board of Vancouver, real estate sales declined sharply in August. In fact, economists have been seeing a significant drop in the market since a 15% foreign buyer tax was introduced in July.
With real estate representing such a significant part of British Columbia’s economy, all signs are pointing to a major slowdown in activity in the province and we haven’t even factored in what will happen when interest rates begin to rise again. What we need to be aware of, is that in a real estate downturn, business activity will also slow down, salaries will become stagnant and jobs will become scarce. This is an economic risk that British Columbian consumers need to be aware of.
Fortunately, there are some simple steps that British Columbians can take to be more financially prepared for a shift in our economy.
Lana Gilbertson is a Licensed Insolvency Trustees within our Vancouver location. To learn more about how MNP Debt can help you, contact any of our local offices at:
Vancouver (Downtown) 1021 West Hastings Street, Suite 1600 - MNP Tower, Vancouver, BC, V6E 0C3 T: 604.639.0001 F: 604.904.8628
North Vancouver 100 - 1124 Lonsdale Avenue,
North Vancouver, BC, V7M 3H1 T: 604.982.2111 F: 604.904.8628
Vancouver (South 1200 West 73 Avenue, Suite 1100, Vancouver, BC, V6P 6G5 T: 604.639.0001 F: 604.904.8628
Richmond 13777 Commerce Parkway, Suite 350, Richmond, BC, V6V 2X3 T: 604.639.0001 F: 604.904.8628
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*310-DEBT doesn’t operate in MB, NW ON and QC.
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