From justme: people that own homes worth more that 3 million dollars may have to pay an extra housing tax. For a 3.5 million dollar property that could cost as much as $50 to $100 per month.
“Owners of multi-million dollar homes are probably not going to endear themselves to the public by pleading financial hardship. Nevertheless, more than 100 Vancouver residents gathered in a park last week to protest a surtax introduced by the provincial NDP government on homes worth more than $3 million. They wielded signs claiming the government “wants to confiscate your hard-earned home savings!” The tax, they said, is “unfair,” “exorbitant” and “predatory.”
Read more here.
Southseacompany pointed out this one: Vancouver home sales fell twice as fast as a bank thought they would after new NDP taxes.
“Vancouver home sales dropped by around 30 per cent in the month after the BC NDP government introduced a plan to tackle housing affordability. But the losses look even more dramatic on a quarterly basis, according to calculations by a major bank.”
Read the full article here.
The BC Government has provided details of a new real estate speculation tax.
-.5 tax for BC owners
-1% tax for Canadian owners
-2% tax for non-canadiana owners
-Exemptions for BC owners under $400k
-Does not apply to rural vacation property
So what do you think, have they struck the right balance on this tax and what impact do you think it will have on real estate prices?
The BC Attorney General is headed to Ottawa to ask for more support to crack down on money laundering.
He plans to outline the challenges here in BC before the federal Finance Committee.
“The issues that we’re grappling with around real estate and casinos, and the seriousness of the impact that gang violence has when these gangs are able to launder money,” he outlines.
“The federal government has a huge role to play in supporting British Columbia in our fight against money laundering. The role really includes key actors like Fintrac, which is the anti-money laundering agency that receives all the reports from casinos, realtors, [and] notaries,” says Eby.
He believes drug dealers and other criminals have been spending millions of dollars in illegally gained cash at local casinos and then getting clean bills back in return. He has said the issue is so prevalent here, experts call it “the Vancouver Model.”
He’s pushing for more support and coordination to clamp down on money laundering. He also wants more public accountability.
Read the full article here.
It looks like the city is serious about the empty home tax, at least one commenter here has received notice of an audit.
Well it seems the City is following up on the declarations made for its Empty Home Tax.
We were just notified that we are being audited for declaring our home as occupied as a principal residence. Interesting, since we’ve been in the same location for many years, and there are many empty homes in our area. You’d think the City would look at the homes that have changed hands more recently, since these are the ones that are left empty!