2022 Federal Budget Impacts Market in BC Real Estate - Details
Multigenerational Home Renovation Tax Credit
This will allow families to claim 15 per cent (up to a $7,500 credit) in eligible renovation and construction costs incurred to construct a secondary suite for seniors or adults with disabilities.
Increased Contribution for First Time Home Buyers.
They can contribute up to $40,000 also a Registered Retirement Savings Plan (RRSP) contribution would be tax-deductible, any money instead of being contributed TFSA can be put in place into real estate. Further, the First Time Home Buyers' Tax Credit will be doubled to $10,000, retroactive to homes purchased on or after January 1, 2022.
Plan to end this in the real estate market.
Policy is being passed to prohibit non-Canadian citizens or permanent residents as well as non-Canadian commercial enterprises from acquiring property in Canada for two years.
No Flipping - Tax
Policy being passed so Buyers get taxed heavily if they try flipping real estate, beginning January 1, 2023.