Budget 2018 for homes in b.c

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.