Government Issues
I just got back from Victoria where my Government Relations committee and I spent some time discussing issues with our local MLA's. We had meetings with both John Les and Barry Penner. Our two main topics we brought forward were flooding issues in BC and also Property Transfer Tax rebates for those who purchase enviromentally built homes. I would say the meetings with both our MLA's went well and the conversations where open and honest. It was my first time meeting John and Barry and it was interesting to hear some of their idea's as well. As always our goal of removing the Property Transfer Tax was squashed but we will continue each year until it is gone...or at least used as a "revenue neutral" tax.
Our next plan of action comes this Saturday when realtors from across Canada come together in Ottawa in an attempt to persuade our government to implement a Capital Gains Rollover. Our goal is to help government understand that when an individual sells a rental property and re-invests that money into another property they should be exempt from paying Capital Gains. The reason behind this is to eliminate the decaying buildings that litter our down town cores across this country. When an investor owns a property for many years often it is cheaper to let it sit and rot then sell and pay capital gains. Thus we have a multitude of properties that are "worthless" to their community. Once these places are sold, they can be purchased by someone who has new ideas. Instead of condemed buildings we could have new low income housing, or a new community center. Individuals are moving around this country more than ever before. When they move they can bring all their assests accept their rental property. Why are we punishing these people for wanting to have their investment close to them.
We are also asking the Federal Government to pony up on one of their promises. During BC's flooding problems that was featured on the front page of every news paper last year the federal government promised to match BC's funding. So far BC has seen none of this money. It is only a matter of time before BC's flooding issue returns and we would rather spend money now to fight the flooding then money later cleaning it up.