Statement – Speculation Tax: Clarity Appreciated; More Needed Vancouver, BC – March 27, 2018. The British Columbia Real Estate Association (BCREA) was
pleased to see more details of the proposed speculation tax. Refinement of the areas of the
province where the tax applies and the introduction of different rates for different owners
indicate a more strategic approach, and provide greater certainty. We look forward to more answers as the speculation tax takes shape, and more opportunities
to minimize its negative impact in all affected areas for all homeowners who pay income tax in
Canada. For example, homeowners in the City of Vancouver could potentially be charged twice
for leaving their homes vacant: once by the city and once by the province. Communities could
face economic problems, due to fewer visitors, less consumer spending and lower housing
prices. Also, development properties are often bought years before they are developed, and the
proposed tax would add costs that would be passed on to consumers, regardless of where they
pay tax. Finally, perhaps consideration should be given to offering incentives for homeowners to rent
their properties, rather than a tax penalty. BCREA urges the BC Government to undertake a formal, public consultation on the proposed speculation tax, to ensure the best input and insights are available, and to assure those affected that this measure is being carefully considered from all angles. - 30 - BCREA is the professional association for about 23,000 REALTORS® in BC, focusing on provincial
issues that impact real estate. Working with the province’s 11 real estate boards, BCREA
provides continuing professional education, advocacy, economic research and standard forms
to help REALTORS® provide value for their clients. To demonstrate the profession’s commitment to improving Quality of Life in BC communities,
BCREA supports policies that help ensure economic vitality, provide housing opportunities,
preserve the environment, protect property owners and build better communities with good
schools and safe neighbourhoods. For more information, please contact: Jake Humber, | Communications Coordinator | Direct: 604.742.2784 | Email: [email protected] | To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here. |