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21 Feb

BC Budget 2018 at a Glance

General

Posted by: Angela Calla

 

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
  1. Moving to stop tax evasion in pre-sale condo reassignments.
  2. taking action to end hidden ownership.
  3. 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

The Angela Calla Mortgage Team will work with you personally to ensure you get the best mortgage options contact us directly at 604-802-3983 or callateam@dominionlending.ca it’s never too early or too late to start planning to position yourself best in the market.