Does Nova Scotia's hiked deed transfer tax help or hurt housing?
The tax, which doubled to 10 per cent from five per cent on April 1, now applies to all residential properties with three dwellings or less, including vacant land that is considered to be residential.
The move drew fire from the Nova Scotia Association of Realtors and last week sparked Richmond County council to approach the province and the Nova Scotia Federation of Municipalities with concerns that the increase could hamper the Strait-area housing market.
However, not all Richmond councillors agree on the issue, and a local land developer who sells to Canadians and Europeans alike feels the tax hike could halt bidding wars that have clogged the housing market since the depths of the COVID-19 pandemic.
Land developer praises province's 'genius move'
When the tax increase was introduced as part of the government's Financial Measures Act, Finance Minister John Lohr described the move as a means of helping Nova Scotians compete with out-of-province buyers for new homes.
Rolf Bouman, the founder of the property sales firm Canadian Pioneer Estates, agrees with the concept, although he acknowledges those directly involved in house sales rather than land transfers would have an opposing view.
"As a land developer, it's pretty good because people will then decide to build houses and it gives a lot of employment," said Bouman, whose company is based in Aulds Cove, N.S.
"But as a broker, I probably wouldn't like it, because the broker has the job to get the highest price for the vendor or seller for a house. And, of course, when you exclude people from outside of the province, or you make it harder for them to, in fact, purchase land, that might hurt the bottom line for the seller of the house, as well as the broker for their commission."
However, Bouman sees a net benefit from the province's strategy in that it could cool off bidding wars between residents and non-residents.
"This was a genius move on the part of the province, or the premier, or whoever came up with the idea," Bouman said.
"I would have set the tax even higher. But for now, it's good where it's at."
Richmond County calling for changes
Meanwhile, Richmond County officials feel the province isn't considering how the tax hike could impact the local housing market. They're also concerned the increase is punitive to former Nova Scotians trying to return home and contribute to the communities they once left behind.
"We've got local people who are flagging these concerns and asking for some reconsideration on some of the terms of it," said St. Peter's-area councillor Amanda Mombourquette, who brought the issue to the council table earlier this month.
"Businesses and investors, they like certainty. So when we have changes like this that are really disruptive to business models that have been in place for some time, it can create some concern and discourage investment."
Warden Lois Landry, who said at the previous council meeting that "there are some advantages to this tax," is hopeful the county and the province can work together to recognize anyone who could be impacted by the recent increase.
"We have had some concerns from residents about property values increasing in their assessment, and what that does to the property tax that you're required to pay," Landry said.
The county will vote on its next steps regarding the tax at its monthly meeting next week in Arichat.
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