On November 27, 2018, the Speculation and Vacancy Tax Act received Royal assent and became law within British Columbia . Since this act did not negatively impact 99% of British Columbians, it’s easy to miss its overall impact and what it means for people both buying and selling in the Victoria area. If you are seeking to purchase a property within Victoria and don’t intend to rent it or reside in it, you’re going to want to know about this tax!
When Does This Tax Apply to Me?
The goal of this act is to reduce housing costs within BC. The law targets a few municipalities and regional districts, with the Capital Regional District being one of them (of which the greater Victoria area is a part). It is separate and different from the Vancouver foreign speculator housing tax, which had a lot of media coverage throughout the country. There’s a simple checklist to follow to determine if this tax applies to you.
- Are you living in your Victoria home and have made it your...