High Stamp Duties and Transfer Fees

Thank you for detailing the recent amendments to the Stamp Duty Act. The changes, notably raising the exemption threshold for stamp duty to properties valued up to $1,000,000, are commendable steps towards reducing some financial burdens for first-time homebuyers and facilitating easier mortgage transfers. These efforts are appreciated as they offer initial relief to some potential homeowners in Bermuda. However, despite these positive changes, significant challenges remain that hinder the effectiveness of the policy in fostering broader access to home ownership, particularly for young Bermudians. The adjustments do not fully take in to account the realestate landscape nor the availability of suitable properties within the $1,000,000 threshold. This can exacerbate the affordability crisis, potentially inflating prices due to heightened demand within the segment. It seems clear that $1,000,000 is not enough, this number is too small as the median price of a home in Bermuda has been over $1,000,000 for quite some time. Moreover, the real estate market has seen a considerable increase in prices, as highlighted by a 17% rise in the average sale price of non-luxury residential properties to $1,023,000 back in 2021. The dramatic 56% increase in the average price of 4+ bedroom family homes since 2020 further underscores a robust demand for multifunctional and/or larger properties. These trends reflect a growing preference among Bermudians (especially those returning to the island) for family homes that can accommodate children, pets, rental units, and multi-generational living arrangements—critical aspects of our cultural heritage and community structure. The exemption of stamp duty on one 'primary family homestead' upon the death of an owner, while mitigating some financial strain during transitions, does not address the complexities of inheritance or the broader challenges of estate planning faced by families. These issues are particularly acute in more complex family scenarios. All inherited homes of Bermudian citizens could be transferable without stamp duty, especially heritage homes. Considering these points, there is a compelling need to continue evaluating the impacts of these legislative changes and to consider further measures that could make home ownership more accessible and sustainable. Bermuda needs to innovate and become more family friendly, especially in regards to the local population. Engaging in a dialogue to align housing development with the actual needs of Bermudians who are early to mid career or returning home from university to begin careers and start families and/or take care of aging family members , would be beneficial. By providing access to a wider range of housing options that go beyond condominiums, we can better meet the community's needs and support the economic viability of our island. Your leadership in these matters is crucial, and I look forward to hearing how these suggested changes are being received as well as exploring additional areas where improvements might be made.

The same prohibitive mortgage rates are remnants of a more repressive time in our history. Bermuda's financial success was bolstered by outrageous mortgage rates that did not benefit all but moreso resigned a significant portion of homeowners to a lifelong struggle to pay that mortgage rather than build generational wealth.

Government needs to be more tech savvy in order to have updated status of their work and records and statements sent to the public

and it is taking 3 years for the transfer to go over - how can a government department be that far behind?It should be 3 months at least. If not, the system needs streamlining and modernising to keep up with technology and the rest of the world.