You may be familiar with the Empty Homes Tax and the Speculation and Vacancy Tax if you are a homeowner in or around the Vancouver area. The key difference between both taxes is that the first is only applicable to Vancouver whereas the latter is province-wide. As of December 31, 2019, significant updates were made to the Speculation and Vacancy…
The coronavirus outbreak has affected everyday life with the media playing a large role in instilling panic through sensationalized headlines. The general public’s fear of the unknown coupled with misinformation has already led to a shortage in personal supplies such as hand sanitizer, face masks, and toilet paper. Thus, it is logical to assume that the real estate market, too,…
Do you know what the difference is between the B.C. Speculation Tax and the City of Vancouver Empty Homes Tax? With the recent introduction of the B.C. Speculation Tax soon after the City of Vancouver Empty Homes Tax, many are left wondering: what’s the difference? It’s not uncommon to be misinformed or left confused about the nature of each type…
What is the B.C. Speculation Tax? In 2018, the NDP government introduced the B.C. Speculation Tax in an effort to dampen the hot housing market. The goal of this annual tax is to: Reduce the amount of empty homes so that more living spaces are available to B.C. residents. Reprimand foreign buyers and domestic speculators who do not pay taxes…