New BC Real Estate Taxes
Vancouver Island Realtor Lorne Gait helps Buyers from Vancouver and Alberta to understand the new BC Real Estate Taxes
Here are links to BC Government Web sites for the new taxes . . .
BC Speculation Tax
BC Foreign Buyer Tax
The Speculation Tax is a new tax which is designed to make housing affordable in the province’s downtown core areas. This affects Victoria and Nanaimo on Vancouver Island. If you want to own a second property in BC and you are thinking about Vancouver Island, these areas might be ones to avoid if you would be frustrated with an additional tax rate each tax year.
The Foreign Buyer tax is a new tax which is a one time tax to foreign Buyers which which to Buy in BC’s higher density areas. In this case it includes much of Victoria’s Capital Regional District and the Nanaimo Regional District. This tax is a hefty 20% extra on the purchase price. There are lots of fine details which we can drill down into — especially for rural properties.
Lorne and his team can help you find the right property which will meet your real estate needs. Let’s get in touch — LINK