The BC 2018/19 Budget was announced today and...
...you guessed it! More changes to real estate! I've included the link below for more information but some of the highlights (or low lights depending on how you see it) include:
• An immediate increase to the foreign buyer tax from 15 per cent to 20
per cent, and an expansion to Kamloops, Kelowna, Greater Victoria and
the Fraser Valley
• A hike on the property transfer tax on Feb. 21 from three per cent to
five per cent on properties worth more than $3 million, as well as an
increase on school taxes
• A crackdown on fraud and tax evasion in the housing market, as well as
a new speculation tax on those who don’t pay income tax in B.C.
• $6.2 billion over 10 years to create 33,700 affordable housing units
Click here for the full article.
Will these changes or others impact you? Want to read the full 30 page document? Contact me today!