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April 2018

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B.C. government gives broad exemptions to controversial speculation tax

The B.C. government has made a number of changes to its proposed speculation tax which will reduce both the number of British Columbians paying the tax and the amount they'll pay.

The tax, first announced during February's budget, was to be assessed at 0.5 per cent of a vacant property's assessed value this year and two per cent in 2019.

B.C. Finance Minister Carole James announced the tax would remain at 0.5 per cent for properties owned by B.C. residents but would now only rise to one per cent for out-of-province Canadian residents and still remain at two per cent for foreign investors.

The NDP government also said the tax would no longer apply to properties in the Gulf Islands, Parksville, Qualicum Beach or rural Fraser Valley.

The tax will still apply in the following areas:
Metro Vancouver, Chilliwack, Abbotsford and Mission (excluding Bowen Island).
The Capital Regional District (excluding the Gulf Islands).
The municipalities of Nanaimo, Lantzville, Kelowna and West Kelowna.

 
 

Monthly Local Market Update

Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes for cities across B.C.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

Buyer Beware: 5 Bylaws to Watch When Buying a Condo

When purchasing into a strata building, an important part of the buyer’s due diligence process is reviewing and understanding the current bylaws of the strata corporation.

Click to read five types of bylaws that you should pay particular attention to and why.

 

B.C. Real Estate News

B.C. speculation tax facing more pushback, a day after tweaks (CTV News)

B.C. cancels loan program for first-time homebuyers (CBC)

LOWER MAINLAND

How Has Vancouver Changed Property Taxes for Foreign Buyers? (Mansion Global)

B.C. and Vancouver home taxes: Some in the city will pay twice (Vancouver Sun)

Fraser Valley real estate predicted to slow down in 2018 (Surrey Now-Leader)

Metro Vancouver home sales slow down in March but prices stay high (Financial Post)

VICTORIA & VANCOUVER ISLAND

Victoria home sales down 26% from March 2017, real estate board says (Chek)

Sidney to ask the province to rethink speculation tax (Victoria News)

Nanaimo Regional district will register its objection to speculation tax (Nanaimo Bulletin)

WHISTLER & SUNSHINE COAST

Developers speak to Squamish business community (The Squamish Chief)

Foreign-buyer tax needed for Sunshine Coast: MLA (BIV)

OKANAGAN

Okanagan makes Top 5 of least affordable home markets list (Lake Country Calendar)

West Kelowna wants exemption from proposed real estate speculation tax (CTV News)

 
 

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