Speculation and Vacancy Tax

Federal Budget Recap: Foreign Buyers Tax Concerning, Other Measures Welcomed

On April 19, Canada’s Minister of Finance Chrystia Freeland introduced the Liberal government’s first budget since the beginning of the COVID-19 pandemic. The budget provides significant funds to many programs, including several to assist homeowners and renters, increasing the federal deficit by an estimated $382 billion, but also includes measures which are concerning to BCREA.

Estimating the Impacts of the Speculation and Vacancy Tax

To view the Market Intelligence Report PDF, click here. Summary Findings: While all BC markets experienced sharp declines since 2018, the Speculation and Vacancy tax (SVT) is estimated to have reduced home sales in taxable regions in BC by an additional 12.5 per cent compared to non-taxable regions. Growth in home prices since 2018 is

Clause for Concern?

Understanding who pays the Speculation and Vacancy Tax in a transaction REALTORS® don’t have to worry about including a clause in a contract of purchase and sale that specifies that a buyer won’t be held liable for the Speculation and Vacancy Tax (SVT). Here’s why: When a buyer purchases a residential property, they will either

Find out What These Changes Mean for REALTORS®!

Who is or isn’t taxed? You’ve likely heard about the provincial government’s new Speculation and Vacancy Tax that came into effect on January 1 by now. In case you missed it, the tax targets homes left vacant for six months or more within a calendar year and is designed to help turn empty properties into

BCREA Welcomes Exemptions to Bill 45

Vancouver, BC – October 16, 2018. The British Columbia Real Estate Association (BCREA) welcomes the Government of British Columbia’s inclusion of exemptions from the speculation and vacancy tax proposed as Bill 45 today, Tuesday, October 16, 2018. Some of the exemptions directly address concerns BCREA brought to the Province’s attention through its advocacy work. The

Impact of the Proposed Speculation Tax

Housing measures featured prominently in BC Budget 2018. Of particular concern to BCREA is the proposed speculation tax. It will target homeowners in urban areas who pay little or no income tax in BC and owners of second properties that are not long-term rentals. We believe there are opportunities to minimize the impact of this

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

Government Needs Transitional Rules for All Transactions Impacted By Taxes Introduced in Budget 2018 — New Taxes Unlikely to Stabilize Housing Market

Victoria, BC – February 20, 2018. The British Columbia Real Estate Association (BCREA) calls on the government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5 per cent