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Budget 2018 for homes in b.c

2/22/2018

 
In terms of homes in B.C, Budget 2018 primarily focuses on increasing house supply and improving security for renters in B.C. This year they have introduced a housing plan to increase the overall quality of life in B.C.

One of the plans for Budget 2018 is to ease housing affordability challenges by implementing the tax changes property-transfer-tax-for-homes-in-bc-2018.html.  This tax change will target foreign and domestic speculators who don’t pay taxes in B.C. By increasing and expanding the foreign buyers tax, it will:

  • Help stabilize the housing market, making the houses in B.C more affordable for other purchasers by increasing the PTT for the wealthiest homeowners who own/will purchase homes valued higher than $3 million.
  • Help reduce tax fraud and close loopholes including:
    • ​Stop tax evasions – illegal nonpayment/underpayment of taxes
    • End hidden ownership – properties under a non-related individual to avoid additional taxes
    • Strengthen provincial auditing and enforcement powers

Budget 2018 also includes a plan for building homes people need and to improve security for the renters. They plan to:
  • Invest over $6 million in affordable housings such as: homes for growing families, homes for seniors, housing options for women and children fleeing violence, and student housing.
  • Increase rental assistance for the low-income working families by $800/year and for seniors by $930/year.
  • Increase supports for renters and strengthen rental laws, so that the renters have a deeper understanding of their rights as renters.
  • Create new Housing Hub through BC housing to make sure affordable homes are available to those in need. 

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    A bit about myself.  I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful. 

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