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Originally Posted by Manhattanboy
What do you mean? To my knowledge the so called speculation tax (which is a vacant property capital tax) was not part of the NDP platform.
They might have made general references to measures intended to slow increases in property values and address affordability but my BC friends say they were blindsided by this and other post election tax increases.
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Your bc friends might be idiots or liars.
They announced their plans for a speculation tax on the third day of the campaign.
https://www.cbc.ca/news/canada/briti...oans-1.4069193
This shouldn't have surprised them:
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The government had long promised it would take action on housing affordability in this year's budget, and today announced a wide variety of taxes to curb speculation and decrease demand in the market, including:
A new, provincewide "speculation tax," focused on vacant homes. The tax will be two per cent of the assessed value of properties in 2019.
An increase to the foreign buyers tax from 15 to 20 per cent and the expansion of the tax to properties in other major municipal areas in B.C. outside Metro Vancouver.
An increase in the property transfer tax from three per cent to five per cent.for homes worth more than $3 million.
The government says the full suite of housing measures will be in place by the beginning of next year.
With the revenue it's forecasting, the government is planning to spend $1.6 billion in new housing units — all part of a 30-point detailed housing plan it unveiled as part of the budget.
"What we are looking to do is moderate the market," said James.
"We're taking some bold measures, there's no question."
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