Details on BC speculation tax

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?

Friday Free-for-all! March 23rd 2018

It’s the end of another work week and that means it’s time for another Friday Free-for-all! This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

NDP with 5 point lead
Fed rate hikes
Who will run for Mayor?
Not concerned about debt levels
3 in 4 houses sold below asking
AI replacing RE agents

So what are you seeing out there? Post your news links, thought and anecdotes in the comments below and have an excellent weekend!

BC seeks Ottawa support on money laundering

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.

City following up on declarations for empty home tax

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!

 

Sunday Free-for-all!

It’s the end of another beautiful weekend and that means we’re late for the Friday Free-for-all open topic weekend thread.

Better late than never!

So what are you seeing out there? Post your news links, thoughts and anectdotes in the comments below and have an excellent week!