Albertans hit hard with new tax on B.C. vacation homes
Published Thursday, March 1, 2018 5:13PM MST
The BC government has taken measures to cool its hot housing market and it's left some Albertans steaming.
At issue is a speculation tax announced in the recent BC budget targeting the lower mainland, Victoria, Nanaimo and Kelowna.
The new tax aims to crack down on property speculators, people who try to profit off the fluctuating housing market.
The tax will start at half a per cent. And come 2019, those who don't pay income tax in BC - and leave homes empty, will face a speculation levy of 2 per cent of assess value. The added tax may force some to sell.
What does this tax mean for Albertans with secondary homes in BC? And, will it actually solve British Columbia’s housing crisis?