Vancouver Asks Province To Rescind Real Estate Tax

Vancouver Asks Province To Rescind Real Estate Tax

Dec 31, 2018 | Local, Real Estate

Vancouver Mayor Kennedy Stewart recently sent a letter to Premier John Horgan asking the provincial government to rescind a new tax on real estate, even though Mayor Stewart claims to support the tax.

The tax, called a school tax surcharge, was first introduced as part of the B.C. 2018 budget and will take effect in 2019. It is an additional tax that will only affect homes worth $3 million or more, in an attempt by government to address the housing crisis across the province. Those not in favour of this new tax implementation argue that the hike is unfair and will increase the cost of living for many residents, including those with fixed incomes.

Alvin Singh, director of communications for Mayor Stewart, said that the mayor actually voted against sending the letter with the rescind request, as did councillors Christine Boyle and Jean Swanson. However, the motion passed due to the support from Green and NPA councillors. As for government response, The B.C. Liberal Party says it supports the request and will do their best to work within the government to abolish this new tax.

Additionally, the surcharge will cost homeowners an additional 0.2 per cent tax on the portions of their properties assessed between $3 and $4 million, and a 0.4 per cent tax rate increase for the portions above the $4-million, according to the province.

Additional Reading

May Heats Up the Market

    While most of the Canadian market is slowing down and showing signs of a pricing decline later this year, the month of May had the best sales activity yet. Although affordability continues to remain questionable, reports indicate that housing prices are decreasing...

Affordable Homes Leading The Way

    The trend across most real estate markets in British Columbia all seem to be affected by the cooling housing market. Fortunately, one area that’s on the rise in recent months is our beautiful city Kelowna, particularly for properties valued in the $500,000 range....

Mortgage Rates Fall As Bond Yields Drop

    As fixed mortgage rates continue to fall over recent weeks, what’s become good news for some Canadians has become bad news for others. While the cost of financing mortgages has gotten cheaper, mortgage-holders are the unexpected contributors to some of the gloom...