As of February 2020 Government Continues to Target Coastal Regions/Okanagan. Kootenays Left Untouched
If you’re moving to BC you probably already know that the B.C. government has introduced a Speculation and Vacancy Tax as part of their so-called “30-Point Plan” intended to make housing more affordable across the province.
The tax was intended to target foreign and domestic speculators who own property in B.C. but do not reside or pay taxes here.
If you’re purchasing in a designated taxable region you’ll be responsible for a declaration listing all residential properties you own there.
The Only Places the Tax Now Applies:
- Municipalities within the Capital Regional District (excluding Salt Spring Island, Juan de Fuca Electoral Area, and the Southern Gulf Islands);
- Municipalities within the Metro Vancouver Regional District (excluding Bowen Island, the Village of Lions Bay and Electoral Area A, but including UBC and the University Endowment Lands);
- The City of Abbotsford
- The District of Mission
- The City of Chilliwack
- The City of Kelowna
- The City of West Kelowna
- The City of Nanaimo
- The District of Lantzville
Read more and get the full details here:
Speculation and Vacancy Tax