Last March, for the first time since 2001, a NDP government delivered a budget to British Columbians for the coming year.
The name of the game in the new budget is affordability — huge investments were promised in everything from childcare to healthcare to housing.
With pledges of money, though, comes a need to generate revenue to fund it. With that came a plethora of new regulations and taxes in the property market, outlined the budget.
The main take-aways for real estate in B.C. are:
1. Speculation Tax
This new annual tax will apply to foreign and domestic property owners who are not residents of B.C.
Some exemptions may be made for principal residences or long-term rental properties but it will include properties that are left…