Stop BC's Speculation Tax
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The BC Government has proposed what they call a "Speculation" Tax in their 2018 Budget. The objective of this tax is to prevent "foreign" real estate owners from driving up the price of BC real estate by purchasing BC real estate, leaving the properties vacant and then flipping the properties simply to make a profit, thereby driving BC real estate prices higher.
I am caught in the tax below as a “Satellite Family” except that we are a Canadian Satellite Family not what the term generally means in the BC Real Estate world, i.e. wealthy investors from outside the country. I am currently an Alberta resident but I have owned property in BC as a vacation home since 2006. I consider the Okanagan home. My husband was raised in Coquitlam and attended UBC. We will retire there in a few short years. We are residents, not speculators.
We and many of our friends and family from BC, Alberta and Saskatchewan have visited our Okanagan home and spent many weeks and months there as residents. We spend thousands of dollars in our home community every year, at restaurants, Superstore, Save-On Foods, wineries, restaurants, Home Depot, Canadian Tire, the list goes on. We are residents, not speculators.
BC Residents: Please sign this petition. We do not want to leave our home but we cannot afford the "speculation" tax which more than doubles, and then more than quadruples our property taxes. If we sell, and we would have to, we not only have to abandon our dream vacation home but we take all of our spending with us. Who will buy our home? A BC resident? Maybe, or maybe an actual speculator.
Ministry of Finance
Tax Information Sheet
ISSUED: February 2018 Information Sheet 2018
The speculation tax will target foreign and domestic speculators in BC. These are homeowners who have removed their units from BC’s long-term housing stock –
meaning they are not owner-occupied or a qualifying long-term rental property.
Satellite families - households with high worldwide income that pay little income tax in BC - will also be captured by the tax.
The speculation tax will initially apply to the Metro Vancouver, Fraser Valley, Capital
and Nanaimo Regional Districts, and in the municipalities of Kelowna and West
In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the rate will increase to $20 per $1,000 of assessed value.
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