BC municipalities want changes to the speculation tax

An annual conference of municipalities in British Columbia has called for changes to the province’s real estate speculation tax.

Union of B.C. Municipalities delegates are asking the provincial government for more control over how the tax is applied which could make its implementation optional for local officials or enable them to introduce their own versions of the tax.

The tax is due to take effect from 2019 with homeowners in six BC districts or municipalities taxed between 0.5% and 2% of the property’s assessed value if they are not its permanent residents or it is not rented out long-term.

“We recognize the government’s goals in the speculation tax, making sure that there is housing availability by reducing the number of empty or vacant homes, and also the need to deal with the affordability issue,” Oak Bay Mayor Nils Jensen told the Vancouver Sun. “We felt that should be done by allowing local governments who know their own communities to determine how best to achieve these goals.”

Lack of consultation

Along with Oak Bay, resolutions by Langford, CRD, Nanaimo, and Lower Mainland Local Govt Association are asking for opting out, postponement or changes to the Speculation Tax.

Victoria Residential Builders’ Association says this reveals “the province’s lack of consultation and poor policy development.”

Sanjin, who is fluent in English, Serbian and Croatian, was born in former Yugoslavia.  He moved to Vancouver in 1993, where he fell in love with this city's natural beauty and wonders. Coming from mechanical engineering background, and working with Canadian Airlines and Air Canada technical departments for over 16 years, he decided it was time to pursue his new passion. In 2007 Sanjin started his Real Estate career, when he joined CENTURY 21 In Town Realty office in downtown Vancouver and became full-service REALTOR®. Sanjin chose to work with CENTURY 21® because of the company’s strong reputation as being bold, experienced, stable, and trustworthy, and also being one of the industry leaders when it comes to Real Estate, having an international reach and exposure. Sanjin is passionate about real estate, our incredible city, and working closely with people to achieve their goals. This passion has resulted in several awards like Century 21's Masters Ruby Award. Sanjin's passion above and beyond real estate is creating art, painting with acrylics on canvas, as well as local charity. Giving back to others in his community is very important to Sanjin, and that's why he is a proud sponsor of local Easter Seals.

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