Quote:
Originally Posted by Cecil Terwilliger
No ones stopping you from buying a house in the interior. Tons of Albertans have property there.
Also, Canadians speculating on a real estate boom is not good domestic investment that helps all Canadians so I’m not sure where you’re going with that.
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Apologies I should have been clearer. BC has a provincial speculation tax (its a misnomer - its a capital tax) which applies to parts of BC including the lower mainland, Vancouver Island and the Okanagan which, unless the property is occupied or rented for at least 6 consecutive months of the year, amounts to an annual tax on the value of the property (in addition to property taxes). Its true the rate is higher for foreigners, but it did result in some residents of BC and Alberta having to sell their cottages, and caused some buyers to look elsewhere. Most of the affected municipalities strongly opposed the tax on the basis of lost investment in the local economies.