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British Columbia real-estate and foreign buyer taxes


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#661 jonny

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Posted 16 April 2018 - 01:09 PM

Can we zero in on an address?

 

Must be a way somehow. Land Titles? I scanned through 411 after Adam Stirling mentioned this, but nothing popped out. If this is true, man, I think the Liberals could kill this silly speculation tax easily just by hammering that home. 

 

"Dr. Weaver, the wealthy lifetime academic, leader of the BC Green Party and power broker of the BC NDP government, owns a vacation property in the expensive retirement community of Parksville BC, which was conveniently excluded from John Horgan's speculation tax at the 11th hour."



#662 Mike K.

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Posted 16 April 2018 - 01:17 PM

Weaver has maintained that the speculation tax is a poorly thought out and implemented regime. But the fact that the region within which his vacation home is located was suddenly removed from the equation is very inconvenient. There's no good outcome here, even if the decision to exclude the area was 101% unrelated to Weaver owning a vacation property there.

 

What I'd like to know is how the NDP came to the conclusion that the first $400,000 of a single vacation property owned by a British Columbian will be tax-free. Why $400,000? Why not $450,000 or $375,000?


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#663 Bob Fugger

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Posted 16 April 2018 - 01:26 PM

Weaver has maintained that the speculation tax is a poorly thought out and implemented regime. But the fact that the region within which his vacation home is located was suddenly removed from the equation is very inconvenient. There's no good outcome here, even if the decision to exclude the area was 101% unrelated to Weaver owning a vacation property there.

Yup.  In politics, perception is often reality.  It doesn't have to stink, it just has to look like it stinks.  The Confidence and Supply Agreement Secretariat (CASA) certainly doesn't help to allay any spectre of collusion.

 

FUN FACT:  The Executive Director of CASA is run by none other than the wife of a certain NDP-affiliated former Mayor who has harboured designs on Carole James' seat since forever.  Except damn it if she will ever stand down.  Pretty nice little sinecure, though.


Edited by Bob Fugger, 16 April 2018 - 01:27 PM.


#664 Mike K.

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Posted 16 April 2018 - 01:28 PM

Jesus Christ fugger, hardly a day goes by where you don't have me pulling out the ol' thesaurus  :rtfm:


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#665 VicHockeyFan

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Posted 16 April 2018 - 01:41 PM

Yup.  In politics, perception is often reality.  It doesn't have to stink, it just has to look like it stinks.  The Confidence and Supply Agreement Secretariat (CASA) certainly doesn't help to allay any spectre of collusion.

 

FUN FACT:  The Executive Director of CASA is run by none other than the wife of a certain NDP-affiliated former Mayor who has harboured designs on Carole James' seat since forever.  Except damn it if she will ever stand down.  Pretty nice little sinecure, though.

 

Dean Fortin's wife, for those that want to save the trouble of looking.


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#666 rjag

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Posted 16 April 2018 - 01:55 PM

Jeez they sure know how to play the game and pay off all the party faithful. No different than the previous crew...yet for some reason the GreeNDP seem to want to let folks know how virtuous they are and they are only there to help the poor...but first lets make sure all our friends get to drink at the well. 



#667 Kungsberg

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Posted 16 April 2018 - 02:39 PM

Lots of MLAs, of all party affiliations, have second (and third and fourth...) properties that will be affected by the speculation tax.

https://thetyee.ca/N...lation-Tax-Hit/

 


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#668 Greg

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Posted 16 April 2018 - 03:57 PM

They sure seem to be struggling with the implementation of this. It's almost as if their cunning plan to reduce real estate prices by making real estate ownership more expensive weren't all that well thought out.


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#669 tjv

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Posted 16 April 2018 - 07:15 PM

Weaver has maintained that the speculation tax is a poorly thought out and implemented regime. But the fact that the region within which his vacation home is located was suddenly removed from the equation is very inconvenient. There's no good outcome here, even if the decision to exclude the area was 101% unrelated to Weaver owning a vacation property there.

 

What I'd like to know is how the NDP came to the conclusion that the first $400,000 of a single vacation property owned by a British Columbian will be tax-free. Why $400,000? Why not $450,000 or $375,000?

and how much do you think the provincial government is making from the Property Transfer Tax where pretty much any house in Vancouver or Victoria for first timers costs too much to be exempt



#670 Mike K.

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Posted 16 April 2018 - 07:23 PM

Oh yeah, there’s that for sure! And they also limit the land size of your first purchase if you want to fall under full exemption.

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#671 LJ

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Posted 16 April 2018 - 07:43 PM

Lots of MLAs, of all party affiliations, have second (and third and fourth...) properties that will be affected by the speculation tax.

https://thetyee.ca/N...lation-Tax-Hit/

But if they pay tax in BC they are exempt from the tax, no?


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#672 VicHockeyFan

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Posted 16 April 2018 - 07:50 PM

But if they pay tax in BC they are exempt from the tax, no?

 

They still have to pay 0.5%


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#673 jonny

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Posted 16 April 2018 - 08:19 PM

But if they pay tax in BC they are exempt from the tax, no?


Only to the extent they pay BC income taxes.

#674 nerka

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Posted 16 April 2018 - 08:58 PM

https://thetyee.ca/N...WEAVER-2016.pdf

 

Weaver's disclosure



#675 nerka

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Posted 16 April 2018 - 09:00 PM

Lots of MLAs, of all party affiliations, have second (and third and fourth...) properties that will be affected by the speculation tax.

https://thetyee.ca/N...lation-Tax-Hit/

Many of the cases mentioned won't be hit by the tax. "Investment property" is typically rented so exempt. The MLAs with second homes in Victoria may well be affected though.



#676 nerka

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Posted 16 April 2018 - 09:11 PM

here's the newer one He has added another property



#677 jonny

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Posted 24 April 2018 - 09:48 AM

Saanich has supported this motion: Notice of Motion from Councillor Wergeland at the April 9, 2018 Council meeting requesting that Council support the issuance of a letter to the Provincial Ministry of Finance requesting that the Speculation Tax not include the District of Saanich.

 

Wergeland, Brice, Sanders, Harper and Atwall were supportive of the motion. The discussion was essentially that this is an “empty homes tax”, the word speculation has unnecessary negative connotations, this would place an unreasonable tax burden on Saanich residents, Saanich does not have a problem with empty homes and that Saanich is focussing on increasing the housing supply to try to address some of the issues around affordability and supply. There was some discussion around the difficulties of dealing with tenants in BC and how it’s not easy to rent for only 6 months. 

 

Those opposed to the motion essentially wanted more information. It seemed as though Murdock and Brownoff support the tax (unsurprisingly). 

 

They also passed a motion to request a meeting with Ministry of Finance staff to discuss in person why Saanich is opposed to this speculation tax and to try to gain more information.

 

2018-04-24 09_33_41-Microsoft Word - Notice of Motion Wergeland - Speculation Tax.docx.png



#678 Mike K.

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Posted 24 April 2018 - 10:38 AM

Saanich, Sidney and Langford are now officially opposed. Is that correct? Are there others?

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#679 VicHockeyFan

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Posted 24 April 2018 - 10:47 AM

N. Saanich.


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#680 Mike K.

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Posted 24 April 2018 - 10:48 AM

Ok, so

Langford
North Saanich
Saanich
Sidney

Are officially opposed? Has Colwood made any waves in that regard?

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