Your Government Liaison Committee and your Board of Directors is concerned about the implications of the proposed Speculation Tax, and is working with BCREA and other local stakeholders to connect the government with data and information to encourage them to alter their plans for the tax.
We hope to have a meeting with Minister James and Minister Robinson to review our position that new taxes do nothing to move forward their goal of affordable housing, and also that artificially devaluing the housing market (a stated goal of James') is detrimental to the province's greater economy. We are promoting that Realtors are strong advocates for their clients, and that real estate is one of the biggest, most important investments many British Columbians / Canadians make. We are also working on next steps.
We will update you as these discussions and work progresses. If you have clients who are concerned about the speculation tax (which will affect second home owners - even if BC residents) please encourage them to connect with the Minsters directly to share their story.
Minister of Finance - Carole James
Minister of Municipal Affairs and Housing - Selina Robinson
On the proposed speculation tax, BCREA's heard from REALTORS® around the province and homeowners across the country. We're working with Minister of Finance Carole James and her staff to get answers and to provide input before the legislation is introduced this fall. We believe that homeowners who pay income tax in Canada should be exempt from the speculation tax, regardless of how many homes they own.
BCREA's full list of recommendations, concerns and questions about the proposed speculation tax is available here.