Tax ranges from 0.5% on secondary homes left vacant by B.C. residents, to 2% on foreign-owned properties
BC’s finance minister has introduced legislation to move ahead with a controversial speculation tax on vacant or underutilized properties. The bill ends months of speculation about how the province planned to use the new levy to help deal with runaway housing prices in some B.C. communities, outlining a range of tax rates from 0.5 to […]Continue Reading »
On Wednesday, the BC Government announced that it is cutting next year’s allowable rent increase to 2.5%
“It’s simply not sustainable for renters, many of whom are on fixed incomes, to see their rent increase by more than inflation each and every year,” said Premier John Horgan. “We have to eliminate the risk of such huge increases to renters.” On Sept. 7th, the government announced that, based on the consumer price index […]Continue Reading »
Vancouver’s Short-term Rental Bylaws Take Effect April 19..
Regulations for short-term rentals approved by the City of Vancouver in November will take effect April 19, 2018. Under the policy, short-term rentals of a secondary suite or laneway house will only be allowed if the property is the owner’s principal residence or if it is rented long-term, and the tenant wishes to operate a short-term rental, with approval of […]Continue Reading »
BC Speculation Tax: Here’s What you Need to Know..
On Monday, the provincial government announced it is making some changes to the speculation tax, which was first announced last month as part of the budget. The government expects to introduce legislation in the fall to make the tax part of law and they say 99 per cent of British Columbians will be exempt […]Continue Reading »
The Nitty Gritty on the 2018 BC Budget
Here is what we know of today’s provincial budget as it relates to real estate: The foreign buyers tax goes to 20%, effective tomorrow, and is now applicable in Capital Regional District, Fraser Valley, Central Okanagan and Nanaimo Regional District. Property transfer tax will go from 3% to 5% on values of homes over $3,000,000.00. […]Continue Reading »
Canada’s Bank Regulator Toughens Mortgage Qualifying Rules
Canada’s banking regulator just released final rules that will make it harder for buyers to take on uninsured mortgages, adding to the list of measures aimed to rein in Canada’s dynamic housing markets. After years of clamping down on insured mortgages, policy makers have been turning their attention to the uninsured segment, which has been […]Continue Reading »