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From: "Mike Rampf/Shawn Anderson/Sherry Chen/Bronwyn Bertles" <
info@vancityliving.com>
Subject: BC's New Real Estate Taxes & Spending Commitments
Date: 21 February 2018 12:10
To: "Wang, Jason (Burnaby)" <
jason.wang@rbc.com>
*|MC_PREVIEW_TEXT|* | BC'S NEW REAL ESTATE TAXES & SPENDING COMMITMENTS
The BC government has released a new housing strategy aimed at reducing housing demand, curbing tax fraud, building affordable housing and increasing security for renters.
The new tax measures include increasing property taxes and property transfer taxes on residential properties valued above $3 million, expanding the foreign buyer tax and implementing a housing speculation tax.
Summary:
Affordable Housing: - The province is investing $6 billion in affordable housing to create 114,000 homes over the next 10 years
- Province will enhance local government capacity to build and retain affordable housing
- Developers will be required to collect and report comprehensive information about the assignment of pre-sale condo purchases
- The province will track beneficial ownership information
- The province will collect additional information to increase transparency and strengthen enforcement in real estate.
Tax Measures:
Speculation Tax - The province will implement a new speculation tax on residential properties, targeting foreign and domestic homeowners who don't pay income tax in BC. This includes those who leave homes vacant.
- The tax will apply to Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional districts and in the municipalities of Kelowna and West Kelowna
- In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the tax rate will rise to $20 per $1,000 of assessed vlaue
- The province will administer the tax and will collect data to enforce it including, social insurance numbers, household information and world-wide income information
Foreign Buyer Tax - Effective February 21, 2018, the foreign buyer tax will increase to 20% from 15% and will be extended to the Fraser Valley, Capital, Nanaimo, and Central Okanagan Regional Districts
- If the property is located in the Capital Regional District, Fraser Valley District, Regional District of Central Okanagan, or Nanaimo Regional District and the property transfer is registered on or after February 21, 2018 there are transitional rules available here.
Property Transfer Tax - Effective February 21, 2018, the Property Transfer Tax on residential properties will increase to 5% from 3%.
Provincial School Tax - In 2019, the provincial school tax will increase on most residential properties in excess of $3 million
More information here! Questions? Concerns? Give us a call & let's discuss. | | | | | |
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