No capital gains on principal residences, so the new rules would affect things like rental properties and secondary residences like a cabin.
I’m aware, I was replying to the notion that no one gains $250k by owning a home which is clearly false.
I obviously didn’t mean that it never happens.
Vancouver is an unusually valuable area, and owning for 10+ years is an unusual case. The average span that a home is owned by one owner is about four years.
Even ignoring typical tax exemptions on primary residences, the average homeowner has almost no chance of getting hit by this tax.
I was responding to the lottery thinking that this was going to be an issue for anyone discussing the tax, in this thread. Everyone thinks they’re going to get that lucky, and, on average, they are not.
Statistically, zero people who saw this post will gain $250,000.00 of equity through homeownership in a single taxable event.
