Real estate speculation tax

The province's new real estate speculation tax was not supposed to apply to British Columbians in their own province, Premier John Horgan assured.

The tax was aimed at foreigners and residents of other provinces. Even if people lived in one part of B.C. and owned recreational property in another, they would not be captured so long as they already paid provincial income taxes.

But a fact sheet on the speculation tax, posted on the finance ministry website, tells a different story.

The tax is putting at least one Vancouver Island project in jeopardy as people who put down deposits are now backing away.

Should British Columbians be exempt from the tax aimed at foreign investors?

Read Vaughn Palmer's full report HERE.


Roseanna Duffy - As far as I’m concerned this “speculation tax” was not well thought out. Let’s penalize Canadian Citizens who have worked hard and been able to purchase a second home in BC. Perhaps for families to share time with, for their retirement, as an investment with the flexibility of renting short term and using it themselves. This is not who the government should be going after. These owners spend money in our communities, use our services, trades people, etc. Very very short sighted and will have an impact. It’s also ridiculous how they decided which areas will be taxed and which won’t.

Jim TaylorI don't even think Canadians should be seen as foreigners. How many living on the Island now, bought their retirement homes while still living in another province? There could be many unintended consequences. This tax could also have a negative on Nanaimo as it does not apply to all of the province?? 

Barbara Stewart Some locals are speculating too. Theyi keep homes empty while the value goes up and they don't want to be landlords. The speculation tax should apply to old derilict commercial buildings too. Maybe the buldings might be sold or get overhauled to something better. I am thinking the old A&B Building for the old Amrikkos at Departure Bay and I am sure there are other old abandoned commercial buildings that people are holding onto for the value
Malcolm Dunnett It seems to me that you are really stretching the definition of speculation with this suggestion. The owners of these properties were using them as a going concern. They did not purchase them in a derelict state but through circumstances the buildings have become such. There are rumours that the A & B building is tied up in some kind of legal battle. If that is true then to add an extra tax to an already (pardon the pun) "taxing" situation would not be fair.