February 2018

Found 40 blog entries for February 2018.

B.C.’s new taxes on properties worth $3-million or more could lean hard on West Vancouver and Vancouver’s west side, traditionally some of the region’s richest areas.

That’s according to maps produced by Andy Yan, director of the SFU City Program.

bc new taxes

They show that there’s a $3-million line where another boundary once divided Vancouver between areas with single-detached homes worth $1-million or less.

And now, that new line marks out which properties could be hit with a pair of new taxes that were introduced with the 2018 provincial budget.

Original news retrieved from Global News

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Those of us who keep a close eye on the B.C. real estate industry and housing policy were widely anticipating a speculation tax to be introduced in last week’s B.C. Budget, as it had been heavily hinted at by the NDP in advance of the announcement.I was among many who supposed this would take the form of a tax applied upon the sale of a property – say, if a home is flipped by a non-resident within a certain limited time period. 

For example, a non-resident (for tax purposes) owner who sells a Vancouver home within a year of buying it would have to pay an additional levy on that sale – a levy that would decline on a sliding scale the longer the home is owned. Such a tax would target actual speculators looking for nothing more than a quick flip, who

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Vancouver’s empty homes tax was designed to create more rental property but even some people who live in their homes are being forced to shell out big bucks to pay for the fee. Kelly Hayes works as a midwife in Vancouver, and stays at the condo which her husband Wayne owns, one to three weeks every month. The rest of the time she lives with her husband at their principal residence on Salt Spring Island. “As you can see it’s far from vacant,” she said as she tours Ross McLaughlin around the suite, “This is my home, how can I rent this out?” But when they filling out the online empty homes tax declaration, the condo didn't fit the boxes. Yet it appears as though she will be forced to pay nearly $8,000 in Empty Homes Tax.

Original news retrieved from BC…
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Do you ever see a comment online that you just have to respond to? It happened to me this weekend. There was an online debate about — what else is new — Vancouver real estate, and young people feeling they have to leave the region because it's too expensive. Laura Ballance, the owner of a PR company that represents some of the largest events and companies in Vancouver, tweeted: "For the record, it was the same in the early 90s. So I left, worked hard, bought where I could afford, sacrificed having nice cars & vacations & dinners out, fixed up & sold 13 houses & worked my way back." Now, I'm a reporter that loves statistics, historical comparisons and talking real estate. But I'm also a renter in my early 30s who has lived in converted garages and basement…
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A foreign buyers tax will do little to cool the British Columbia housing markets where it's been expanded, as international purchasers make up only a small percentage of sales and lack of supply is the bigger problem, real estate groups say. Metro Vancouver has had a 15 per cent tax on foreign home purchasers since 2016. The province announced Tuesday it would hike the levy to 20 per cent and impose it in the Victoria and Nanaimo areas, as well as the Fraser Valley and central Okanagan. The changes took effect Wednesday, catching some industry groups off guard. "I don't know anybody who was thinking we needed this tax," said Tanis Read, president of the Okanagan Mainline Real Estate Board. "I'm very troubled by the lack of consultation." Foreign…
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It’s a start, at least. And on the surface, it looks surprisingly bold. But it remains to be seen whether the 30-point housing plan British Columbia Premier John Horgan’s government unveiled Tuesday will begin to expunge the pathologies that have turned Metro Vancouver’s real estate market into an international housing affordability basket case and a global playground for white-collar criminals and fentanyl tycoons. It may well be that the suite of measures outlined in the first full budget of Horgan’s seven-month-old government will start to remedy the most obviously ill effects of high-stakes real estate speculation, shadowy foreign investment rackets, massive tax evasion and money-laundering. It could be, too, that the measures will merely end up…
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The provincial government unveiled a suite of new taxes aimed at cracking down on property speculators on Tuesday, but Vancouver City Council says it doesn’t go far enough. Tuesday’s provincial budget included a new two per cent tax on property speculators, an expansion to the foreign buyers’ tax and hiked the property transfer tax on homes worth more than $3-million. That same day, Vancouver’s council passed a motion calling on the province to take two additional steps: a “flipping tax,” and new restrictions on foreign ownership.The province has already said that a ban on foreign ownership is a no-go. But councillor Adrianne Carr, who proposed the motion, says she’s hopeful the flipping tax could become a reality. “If we keep building for everybody who…
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When the provincial government pitched its sweeping housing measures in the B.C. budget this week, it was in the name of affordability. But the plan has left some in the real estate industry questioning whether it will make housing affordable at all. "We don't see it having any positive impact on affordability — in fact, it could drive prices up," said Anne McMullin, president and CEO of the Urban Development Institute, which represents B.C.'s real estate development industry. She pointed first to the increase in the property transfer tax — from three to five per cent — for homes worth more than $3 million, calling it detrimental to the ability to create affordable housing. "When you're increasing the taxes on the ability to buy land to develop, that can…
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Vancouver, one of the hottest housing markets in North America, is getting a little tougher for wealthy Chinese buyers. British Columbia Finance Minister Carole James announced measures targeting foreign buyers and speculators in the first budget since her government was elected on a pledge to make housing more affordable for residents of Canada’s Pacific Coast province. Carole James Christopher Goodney/Bloomberg Starting Wednesday, foreigners will pay the province a 20 per cent tax on top of the listing value, up from 15 per cent now, and a levy on property speculators will be introduced later this year, according to budget documents released Tuesday. The government will also crack down on the condo pre-sale market and beneficial ownership to ensure that…
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The problem of housing affordability is, of course, complex and multivariate. There are many conflicting reports and no shortage of opinions on the nature of ownership in the “VanRe” housing market. The reality is that there is not a good base of information. There are many ideas on what controls – or not – are needed regarding the purchase of housing. What we do need is accurate information on the acquisition and disposition of interests in real estate. The current system of “self-reporting” at the time of disposition is not working. The CRA did not enforce it for many years. Confusing requirements impose significant burdens on the wrong parties. For example, the recent v. 29 of the Property Transfer Tax Form requires buyers to certify the tax residency…
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