On February 20, 2018 the BC Government revealed it's budget for 2018. Included was a 30 point policy document outlining steps the BC Government is taking to address 'Homes for BC".
Key policies include the following:
* An increase in the Foreign Buyer's tax to 20% from the previous 15%. This tax will be effective immediately and will be expanded geographically to target Metro Vancouver, the Fraser Valley, the Capital Region, Nanaimo Regional District and the Central Okanagan.
* An increase in the Property Transfer Tax to target homes greater than $3.000.000.00 in market value. The revised property tax will stay the same up to $3.000.000.00:
1% on the first $200,000.00, 2% up to $2,000.000.00, 3% on the portion up to $3,000.000.00 and 5% on the portion $3,000.000.00and above.
* A new "Speculators Tax" levied against those homeowners (foreign and domestic) who do not pay income tax in BC. The tax for 2018 will be .5% of the assessed value of a property rising to 2% of assessed value in 2019 and beyond. That's $5.00 on every $1000.00 for 2018 and $20.00 per every $1000.00 in 2019 and in future years. This tax will also be applied in Metro Vancouver, the Fraser Valley, Nanaimo Regional Distruct, the Capital Regional District and Central Okanagan. Some exemptions may apply to long term rental propertes but there is no clarity around this as of yet.
* An increase to the school tax rate, targeted to homes assessed at $3.000.000.00 and above and applicable to the portion exceeding $3,000.000.00.
To review the complete document please click: Homes for BC 30 points