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BC Real Estate Speculation Tax Scaled Back

There has been quite an uproarious backlash against the looming BC speculation tax, prompting some backpedaling and revamping by the BC NDP...

 

People with cottages and second homes on the Gulf Islands or in rural areas will not pay the speculation tax, Finance Minister Carole James announced Monday in response to concerns from British Columbians that the new tax would cost them thousands of dollars.

James also announced changes to the geographic areas where the tax will apply, removing Parksville, Qualicum, unincorporated Gulf Islands and the Juan de Fuca electoral area.

“People with cottages at the lake, or cabins, or the islands, will not pay this tax. People with second homes outside of high-cost urban areas will not pay the tax.”

More than 99 percent of British Columbians will not pay the tax, James said. “Only those who own multiple properties and leave them empty in major cities will be asked to contribute,” James said.

 

Murray Hamilton, the strata property manager for about 400 cottages around Horne Lake, said owners breathed a sigh of relief after hearing Monday that Parksville and Qualicum are no longer in the speculation tax area. “It’s very good news. Owners are very relieved.”

 

Read Full Times Colonist Article Here

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