On February 20, 2018, the Hon. Carole James, Minister of Finance
and Deputy Premier, introduced the 2018 British Columbia Provincial
Budget. Included in the Budget was the NDP's
30-point plan for housing affordability in British
Columbia.
Included in this 30-point plan are the following measures:
1. New Speculation Tax. In Fall of 2018,
the Province will introduce a new speculation tax on residential
property. The tax will target foreign and domestic
speculators who pay little or no income tax in British
Columbia. Primary residences and long term rentals will
generally be exempted. The tax will apply to the Metro
Vancouver, Fraser Valley, Nanaimo and Capital Regional Districts,
and Kelowna and West Kelowna. The tax rate will be 0.5% of taxable
assessed value for the 2018 tax year and 2% thereafter.
