Managing the Speculation Tax
Paradise Estates is confident we can help guide potential buyers through the details of this new tax with ease.
April 13 2018
April 13 2018
On February 20, 2018, the B.C. Ministry of Finance released its budget for 2018. Included in the budget was an outline for the new B.C. Speculation Tax. The outline has since been refined, with possible modifications in the weeks to come. After the consultation period is over, the Government of B.C. plans to vote on, and then implement, this new tax by September 2018.
Paradise Estates is currently in the jurisdiction of West Kelowna and is one of the urban centres that will be affected by the Speculation Tax. On March 21, 2018, the City of West Kelowna met with the Ministry of Finance and formally requested that the City be exempt from this tax.
As many details about the Speculation Tax may still change, including which jurisdictions are ultimately included, we understand that potential buyers may have questions about how they will be affected, if at all, by this new tax.
This tax affects all parts of B.C. in different ways, with its original intention to reduce the skyrocketing real estate prices within Vancouver, thus, hopefully benefiting all British Columbians in the long-term. Unfortunately, the initial impact has some home buyers confused and worried. We, at Paradise Estates, are active in the Speculation Tax conversation with the B.C. Government, the City of West Kelowna, and the Canadian Home Builders Association, to ensure the value of our homes is equivalent to the quality of craftsmanship and materials used to build this community.
We know that every buyer will enjoy their Paradise Estates' home in different ways and are confident that we can help potential buyers manage the details of this tax.
If you have any specific questions about how we may help you understand the Speculation Tax as it relates to Paradise Estates, please call us toll free at 1.844.955.6500.
For the latest information sheet released by the B.C. Ministry of Finance see: Tax Information Sheet, B.C. Ministry of Finance