|On Tuesday Feb. 20th, the NDP government released B.C.’s 2018 budget. Below are some of the highlights as it pertains to housing and real estate industry.
- Creating a new speculation tax for vacant homes. The tax will be two per cent of the assessed value of properties in 2019.
- Increasing the foreign buyers tax from 15 to 20 per cent, and expanding the tax to properties in the Fraser Valley, Kamloops, Kelowna and Greater Victoria.
- Increasing the property transfer tax and the school tax on the wealthiest homeowners who buy or own homes valued higher than $3 million.
- Strengthening tax administrators’ audit and enforcement powers to help close information gaps and ensure tax compliance
- Moving to stop tax evasion in pre-sale condo reassignments.
- taking action to end hidden ownership.
- strengthen provincial auditing and enforcement powers.
Some other items in the budget include:
- Introducing a new child care benefit that will reduce child care costs by up to $1,250 per month per child for 86,000 B.C. families per year by 2020/21.
- Providing up to $350 per month directly to licenced child care providers to reduce fees for an estimated 50,000 families per year by 2020/21.
- Helping to build 114,000 affordable rental, non-profit, co-op and owner-purchase housing units through partnerships.
- Eliminating MSP premiums by Jan. 1, 2020, saving individuals up to $900 a year, and families up to $1,800 a year.
- Freezing fares on all major BC Ferries routes, reducing fares on non-major routes and fully restoring the Monday to Thursday seniors passenger fare discount.
Read the details of the budget here: BC Budget 2018
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