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. It is currently at 2%.
- A speculation tax will be introduced on homes owned by people who do not pay taxes in BC, and will be payable on homes in the same areas as the foreign buyers tax.
We will keep you up to date as we learn more..