BC budget includes new real estate taxes and spending commitments
Housing was the dominant issue in yesterday's provincial budget.
The government released a 30-point housing strategy aimed at reducing housing demand, curbing tax fraud, building affordable housing, and increasing security for renters.
New tax measures include increasing property taxes and property transfer taxes on residential properties valued above $3 million, expanding the foreign buyer tax, and implementing a housing speculation tax.
The budget introduces new taxes, hints at future taxes, and hikes existing taxes on housing.
Below is a summary of the key real estate measures announced yesterday. There’s considerable information to go through.
- The province is investing $6 billion in affordable housing to create 114,000 homes over the next 10 years.
- The province will enhance local government capacity to build and retain affordable housing.
- The province will require developers to collect...