2018 B.C. Budget: What It Means for B.C. Real Estate

On February 20, 2018 the B.C. government unveiled its Budget and Fiscal Plan 2018/19 – 2020/21¹ (the "Budget") and an accompanying housing plan.² This update addresses the impact and significance of seven key measures relating to real estate that will be of interest to companies doing business, or considering doing business, in B.C. Those measures are:

1. the increase in the property transfer tax;
2. the increase in and expansion of the foreign buyer tax;
3. the new speculation tax;
4. the increase in the school tax;
5. the new pre-sale condo database;
6. the new beneficial ownership transparency measures; and
7. the strengthened auditing and enforcement powers.

Please note that the precise nature and scope of these measures may change somewhat as they are formalized through the process of debate, drafting, and implementation.