Latest decision by British Columbia government is to increase tax of foreign home buyer which is projected to make some noticeable ripples in the Fraser Valley, central Okanagan, and much of the southern Vancouver Island.
Foreigners will pay 20% tax on the top of listing value, which is up by15%. According to documents released in budgets during earlier last week, levy on property speculators will be introduced during later this year. Tax would be around 0.5% of assessed value in year 2018.
Real Estate developers and real estate experts in Okanagan expressed some concern that this raft measures and may impact on building and sales of second and recreational homes for people outside of province.
Global News reported that other industries observer said that uncertainty tax could interfere with the confidence which is driving economic growth in BC.
Carole James, B.C. Finance Minister announced that the measures targeting foreign speculators and buyers in the very first budget, in a follow-up of campaign pledge to make housing more affordable for residents of Pacific Coast Province of Canada.
Canadian government will too crack down on beneficial ownership and condo pre-sale market to ensure hidden investors, offshore trusts, property flippers are paying taxes.
John Horgan is facing some of the formidable demands after having power in contested elections during last July. His
Democratic Party made an expensive promise to topple Liberals, whose 16 year rules brought fastest growth in Canada.
James told Bloomberg that expectations that they will do everything in their very first budget which are huge. “Their goal is too fair, fairness for those people who live there who work in this place and pay their taxes.”