Curbing Demand in the Housing Market
Taking action on housing speculation:
Too many people are using B.C. homes as a way to make a quick buck instead of living in and contributing to our communities. Beginning fall 2018, the B.C. Government will introduce a new speculation tax on residential property. This tax will target foreign and domestic speculators who own residential property in B.C., but don’t pay taxes here, including those who leave homes sitting vacant.
Expanding and increasing the foreign buyers tax:
Affordability for B.C. residents comes first. That’s why we are increasing the foreign buyers tax rate to 20% and expanding it to also apply to the Capital Regional District, the Fraser Valley, the Central Okanagan and the Nanaimo Regional District, to make sure speculators don’t just move on to other communities.
Closing loopholes and cracking down on fraud:
Fraud and corruption in real estate are distorting housing prices in B.C. For too long people have been skirting the tax system when investing in real estate. We are moving to stop tax evasion in pre-sale condo reassignments, taking action to end hidden ownership, and strengthening provincial auditing and enforcement powers.
Homes for B.C.
Learn more with our housing affordability plan.