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BC Budget 2018: Real Estate Changes

Vincent Tong,
February 22, 2018

More changes coming down the pipeline for BC residents, with the release of the BC Budget 2018:

1) New foreign buyer tax will be extended to other areas of BC, and it will be increased to 20% from the original 15%.
2) Property transfer tax on homes $3M+ will raise from 3% to 5%.
3) A new speculation tax will also be introduced, targeting vacant homes and foreign speculators. However, tax details have not been fully defined and we will have to see how its implementation affects the property tax paid by local BC residents and workers.
4) Higher provincial school taxes for owners of homes valued at over $3M+.

We are living in a time of change with constant government intervention. Stay up to date with all market changes so you can make the most informed decision for your financial well-being!

CBC Article

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