By January 2022, there were several real estate-related taxes and measures in place in British Columbia (BC) aimed at addressing housing affordability and speculative practices. While these measures may not necessarily be "new" at the time of my last update, they have been significant in the BC real estate landscape. Here are some of them:
- Speculation and Vacancy Tax (SVT): The SVT targets foreign and domestic homeowners who own properties in designated areas of BC but do not live in them or rent them out long-term. This tax aims to discourage speculative behavior and increase the supply of long-term rental housing.
- Property Transfer Tax (PTT): The PTT is a tax levied on the purchase or transfer of real estate property in BC. While not specific to addressing speculation, the PTT is a significant source of revenue for the provincial government and affects property transactions in the province.
- Empty Homes Tax (EHT): In addition to the SVT, some municipalities in BC, such as Vancouver, have implemented their own Empty Homes Tax. This tax targets properties that are left vacant for a significant portion of the year, aiming to encourage homeowners to rent out their properties and increase housing supply.
- Foreign Buyer's Tax: BC has implemented a tax on foreign buyers purchasing residential properties in certain areas, including Metro Vancouver and the Greater Victoria area. The tax aims to cool down the housing market and address concerns about foreign investment driving up prices.
Disclaimer:
The information provided in these posts are for general purposes only. It is not written nor intended to provide legal advice or opinions of any kind. No one should act upon, refrain from acting, based solely upon the materials provided & recorded, or through any hypertext links and other general information, without first seeking appropriate legal and/or other professional advice.