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How the BC Vacancy Tax Increase Will Impact the Market in 2020

Posted: Tue Dec 17, 2019 8:35 pm
by jimtan
There's a substantial rise in vacancy tax next year. In addition, various exemptions are being lifted. Steve has his numbers and opinions here ...

https://stevesaretsky.com/how-the-bc-sp ... t-in-2020/

IMO, the most significant impact will be on land banks. Can developers and speculators afford to hold vacant properties during slow periods? Bar in mind that the guy behind Trump Tower has not developed the Little Mountain site since 2008. Has only delivered a fraction of the promised social housing project.

https://ca.search.yahoo.com/search?ei=U ... al+housing

Re: How the BC Vacancy Tax Increase Will Impact the Market in 2020

Posted: Mon Feb 17, 2020 9:49 pm
by jimtan
Just received a threatening letter from the BC government.

"Declare Now" I have until March 31st to declare my status for the speculation tax. Will receive a demand for 2% of the assessed value, if I don't make the dateline.

"Over 99% of British Columbians are expected to be exempt from this tax...Remember: This tax is different from Vancouver's empty homes tax, and you must declare separately for each tax"


https://www2.gov.bc.ca/gov/content/taxe ... t-schedule