Vancouver Asks Province To Rescind Real Estate Tax

Vancouver Asks Province To Rescind Real Estate Tax
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
More Housing is Coming
It’s no secret that the province of British Columbia has been struggling in the affordable housing department for some time now. In its latest action plan, the provincial government is looking to shift the narrative and deliver more affordable housing to British...
Back In The Valley
While plenty of real estate markets have experienced highs and lows going into and coming out of the pandemic, the Okanagan continues to maintain a unique standing. Unlike many Canadian real estate markets, the Okanagan (and Kelowna in particular) was on a steady...
Welcoming the New
The Okanagan - Canada’s best-kept secret for decades - has been on the map for a few years now thanks to our incredible lifestyle, weather, and real estate opportunities to name a few. With Canadians shifting their priorities throughout the pandemic lockdowns, seeking...



