Quote:
Originally Posted by Manhattanboy
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.
|
I don't know for sure this isn't true, although I would have to drive at least 6 hours from Vancouver to find a cottage affordable enough that anyone that bought it might be so 'poor' that would worry about the tax, but even so the tax has brought down and made renting in Vancouver considerably easier particularly in the entry level price range so I'm fine with it either way.