Page 7 - March Market Update digital

February 20th, the NDP
Government in British Co-

lumbia released its BC Bud-
get for 2018 with tax mea-
sures that directly affect the

Real Estate Market.

Speculation Tax
A new speculation tax has been proposed
to begin in the fall of 2018.
The speculation tax is aimed at foreign
and domestic real estate speculators who
do not pay tax in British Columbia and
those that leave homes vacant.
The speculation tax will be eligible for
non-refundable BC income tax credit,
which will allow those who pay tax in BC
to be tax neutral on the application of this
new tax. The tax will be 0.5% of assessed
value in 2018 rising to 2% of assessed
value in 2019.
Principal residences will be exempt, as
will long-term rental properties.

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