Some Areas Of FVRD Exempt From Provincial Speculation Tax
March 26, 2018
The Province of British Columbia has made changes to the government's proposed speculation tax announced during February's budget. B.C. Finance Minister Carole James announced the tax would remain at 0.5 per cent for properties owned by B.C. residents, but would now rise to one per cent for out-of-province Canadian residents and two per cent for foreign investors.
The tax would no longer apply to properties in the rural Fraser Valley, however it will still apply to Chilliwack, Abbotsford and Mission.
The Province has also stated that a tax credit would make homes worth less than $400,000 exempt for British Columbians only, along with those rented for more than six months of the year. For more information and a map of affected areas, please visit: https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf