Speculation and Vacancy tax - 


The details of the BC Speculation tax has just been released.  Find out what you need to know about the tax, coming up next.


Many British Columbians own secondary homes.  Watch this video as I go over the 8 things you should know about the Speculation and Vacancy Tax.


  1. 2nd Home must be rented for a period of a minimum 6 months per year.
  2. Airbnb deterrent - since most short term rentals are for periods of under 30 days this new tax basically eliminates Airbnb from most of BC.  
  3. Yearly declaration is necessary to avoid paying this tax on your primary residence.
  4. BC Islands are exempt - B.C.’s islands are not part of the taxable area unless accessible by bridge, and reserve lands, treaty lands and lands of a self-governing Indigenous nation are also not part of the taxable region,
  5. This tax does not stop Real Estate Speculation ?  So you are free to purchase real estate and flip it for a profit.  Example condo Pre-sales and assignment of contracts. 
  6. Municipalities have been rejected the option to opt of the speculation tax.  Meaning locations such as Kelowna that depend on Alberta buyers can see their real estate market suffer. 
  7. How is the Tax calculated - For a BC Resident or PR who lives in BC, with a high world wide income and paying very little BC Income tax will be charged 0.5 percent. For owners who are Canadian citizens and permanent residents who do not live in B.C., the tax is one per cent of assessed value, minus the credit — or $6,000 for an $800,000 Vancouver condo.  For owners who are foreign investors or part of satellite families, the tax is two per cent of assessed value, minus the credit — or $14,000 for the $800,000 condo.
  8. Condos with rental restrictions are exempted from this tax.  Their are many other exemptions which I will link up in the description. 


So there you have the 8 things you need to know about the speculation tax.   If you have any questions about this topic please feel free to reach out to me.   


Question of the day, what do you think of this bc speculation tax?  Should the Green Party and liberals vote it down?  Please leave it in the comments below. I will try my best to personally answer all comments myself.     


Read full post
Categories:   Aubrey Elementary | BC | BC Assessment | BC Condo Flipping Registry | BC Condo Rules | BC Speculation tax | Belford Properties | Big Lot Burnaby | Bolivar Heights, North Surrey Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse, Richmond Real Estate | burnaby | Burnaby home | Burnaby Home Buying | Burnaby Home seller | Burnaby House Forsale | Burnaby Lake, Burnaby South Real Estate | Burnaby Market Snapshot | Burnaby Real Estate | Burnaby Real Estate Market | BUy | Buye | Buyer | Buyer tips | Buyers | Buyers Tips | Canada | Champlain Heights, Vancouver East Real Estate | Closing Costs | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Collingwood VE, Vancouver East Real Estate | Commission | Condo | Condo Living | Condo Rules | Coquitlam West, Coquitlam Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | Edmonds BE, Burnaby East Real Estate | Exp realty Canada | EXP Realty Vancouver | False Creek, Vancouver West Real Estate | First | First time Buyer | First time home | First time home buyer | first time home buyer bc | first time home buyer bc 2019 | Fleetwood Tynehead, Surrey Real Estate | Fraserview NW, New Westminster Real Estate | Fraserview VE, Vancouver East Real Estate | Glossary of Real Estate Terms | Grandview Surrey, South Surrey White Rock Real Estate | Grea | Greater Vancouver | Greater Vancouver real estate report feb 2019 | Guildford, North Surrey Real Estate | Hamilton RI, Richmond Real Estate | Hastings East, Vancouver East Real Estate | Highgate, Burnaby South Real Estate | Home | Home Insurance | Home Sell | Home Value | Homekeepr | Homekeepr Free download | Homekeepr Review | Homekeepr Vancouver | Homes | Interest Rates | July 2018 Greater Vancouver Real Estate Market Report | June 2018 | Killarney VE, Vancouver East Real Estate | Knight, Vancouver East Real Estate | Langley | Langley City, Langley Real Estate | Langley Condo | Main, Vancouver East Real Estate | mar | Mark | Market | Market report | Market report 2018 | market up | Market Update | Market Value | May market recap | Metrotown, Burnaby South Real Estate | Mistakes | Morgan Creek, South Surrey White Rock Real Estate | Mortgage Rates today | mortgage update | Mortgage update 2018 | Moving to Vancouver BC | Multiple Offers | North Coquitlam, Coquitlam Real Estate | November 2018 Real Estate Report | November Market Report | October 2018 Greater Vancouver Real Estate Market Report | Panorama Ridge, Surrey Real Estate | Paramount Richmond | Paramount Richmond Keltic | Parkcrest, Burnaby North Real Estate | Parkcrest, North Burnaby | Photography | Presale | Presale Condo Walk Thru | Presale Condos | Presale Vancouver | Real estate | Real Estate tip | Realtor | richmond | RRSP Home buyers Plan | S.W. Marine, Vancouver West Real Estate | Scottsdale, N. Delta Real Estate | Seafair, Richmond Real Estate | Sell | Seller | Seller Tip | Selling | selling home | Selling Real estate | selling Tenanted Property | South Slope, Burnaby South Real Estate | Speculation and Vacancy Tax | Strata Rules BC | Strategy | Sun towers | Sun Towers 2 Belford | Sun towers 2 Burnaby | Sun towers 2 Metrotown | Sun towers 2 Prices | Sun towers Belford | Sun towers Burnaby | Sun Towers Floorplans | Sun towers Metrotown | Sun towers Prices | Surrey | Tips | Unwritten Oakridge by Westbank | Upper Deer Lake, Burnaby South Real Estate | Uptown NW, New Westminster Real Estate | Vancouver | Vancouver 2018 Real Estate Market Report | Vancouver Condo | Vancouver Home | Vancouver Home Buyer | Vancouver Home Buying | Vancouver home seller | Vancouver Homeowner | Vancouver M | Vancouver Market report | Vancouver Real Estate | Walnut Grove, Langley Real Estate | West Cambie, Richmond Real Estate | West Coquitlam, Coquitlam Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Yaletown, Vancouver West Real Estate
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.