Speculation & Vacancy Tax
"The speculation and vacancy tax is an annual tax paid by some owners of residential properties in designated taxable regions of B.C. The tax is designed to discourage housing speculation and people from leaving homes vacant in B.C.'s major urban centres." Source & FAQ: Click Here "The expansion of the Speculation and Vacancy Tax will help eliminate speculative real estate practices and turn empty units into homes for people in additional communities in B.C. struggling with housing affordability." Source: Click Here Starting in January 2023, the communities of North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay and Squamish will have the new Speculation & Vacancy Tax. It is being implemented to help ensure empty housing stock is available for the people who work and live in these popular areas. How does the tax work? Click Here Tax Rates: Click Here Read more about the next tax on the provincial governments website: Click Here
Foreign Buyer Ban
"Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years." Source & Read More: Click Here This 2 year ban on foreign buyers for residential real estate is an attempt to temper the heat of real estate markets across Canada. "The Act prohibits non-Canadians from purchasing residential property in Canada for 2 years. This act doesn’t affect Canadians and permanent residents. There may be exemptions for certain groups of people, types of residential property, and particular circumstances – these have not yet been established." Source: Click Here In the FAQ, it notes: "The Government intends to exclude recreational properties from the prohibition. As such, the Government is proposing to provide an exception in the regulations for any residential property located outside of a Census Metropolitan Area or Census Agglomeration." Source: Click Here Based on the above, it is our understanding, expectation and hope that this exemption will include Whistler and Pemberton related to recreational properties, however, this has not been announced nor confirmed. We anticipate more to released as we move into the New Year.Prohibition on the Purchase of Residential Property by Non-Canadians Act: Click Here
Home Buyers Rescission Period (HBRP)
Rolling out on January 1, 2023, "the HBRP provides buyers an opportunity to rescind their contract to purchase certain residential properties up to three business days after an offer is accepted with a financial penalty. This rescission period applies to residential real property transactions regardless of whether a real estate licensee is involved in the transaction and cannot be waived by the buyer or the seller."There is a lot of nuance to this new regulation, so the BC Financial Services Authority has put together a Consumer Guide, as well as a FAQ. If you're planning on buying or selling real estate in 2023 and beyond, it is important to educate yourself on these big changes. Home Buyer Rescission Period Consumer Guide: Click Here HBRP Frequently Asked Questions: Click Here
