In Fall 2018, the speculation tax will be applied on properties that are not the primary residence of the owner — they’re not living there for more than six months per year — and that aren’t being occupied by a tenant when the owner isn’t there.
Secondary properties will only be hit with the speculation tax if they’re located in any of the following areas:
All properties that are affected by the tax will pay a rate of 0.5 per cent in 2018. In 2019, B.C. residents who are subject to the tax will pay a rate of 0.5 per cent; Canadians from outside B.C. who have properties in the province that are subject to the tax will pay a 1 per cent tax rate.
Gibson Contracting is well known for building homes in the Okanagan, specifically Lake Country and Kelowna. Though the speculation tax may unfortunately affect our Kelowna clients, residents who build their custom home in Lake Country, Winfield, or Oyama will not be required to pay the speculation tax.
Still have questions? Contact Gibson Contracting at 250-469-9704 for further details.