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BC NDP would impose a further 2% property tax on non-BC property owners


Blog by Shaun Kimmins | April 13th, 2017


An article in this morning's Globe and Mail newspaper states that if elected in this May's provincial election, BC's NDP party would impose a further property tax of 2% on real estate held by non BC residents:
 

".........The New Democrats would also add a new tax on foreign real estate ownership. The NDP’s proposal would introduce a two per cent annual tax on the value of homes owned by people who do not otherwise pay taxes in B.C. The party says the tax would raise $200-million – a projection linked to a study by the UBC Sauder School of Business.

The platform does not spell out what would happen to the existing 15 per cent tax on home purchases by foreign buyers in the Vancouver region, which was implemented last summer."

Should this occur it's difficult to imagine demand, and subsequently values, not contracting. The risks of holding Vancouver real estate, on a short term basis, particularly for non-residents, appear to be mounting. For those who were already thinking about cashing out in the near future, you may wish to consider expediting in order to mitigate these risks.

If you'd like more information or a no-obligation assessment of the value of your property, please don't hesitate to contact me.