Housing and population boom coming to Langley, thanks to provincial budget
There will be many more scenes like this in Willoughby in the coming years, with the provincial government's removal of the property purchase tax on new homes values at $750,000 or less. The provincial budget will have a significant effect on Langley, particularly Willoughby. That’s because of how the province has chosen to react to the growing furore over housing unaffordability. It is not boosting the level at which the property purchase tax stays at one per cent ($200,000) and it is not boosting the exemption for first-time buyers (it only applies to property valued at a maximum $475,000). Instead, it is eliminating property purchase tax entirely on new homes valued at $750,000 or less. To make up for the income loss (and that’s what the government really cares about), it will boost the property purchase tax to three per cent on properties valued at $2 million or more. While this boost in taxes on the wealthy is welcome and long overdue, the government’...