Elevated home sale activity continues to outstrip the supply of homes for sale in…
It will be up to homeowners to apply for exemptions, with a deadline of March 31.
VICTORIA — All homeowners in B.C.’s largest urban centres will need to apply for exemptions from the province’s new speculation tax or receive a bill, whether they are speculators or not, the government announced Tuesday.
The Ministry of Finance said letters outlining the first speculation tax fees and exemption processes will begin arriving at all homes in Greater Victoria, Nanaimo, Kelowna and Metro Vancouver (excluding Bowen Island and Lions Bay, but including Abbotsford, Mission and Chilliwack) starting this week.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
It will be up to all homeowners to apply for exemptions, with a deadline of March 31. Those who don’t apply, or qualify, will be sent tax bills due to be paid by July 2. The opt-out process will become an annual event for property owners under the new speculation tax rules. People who pay mistakenly can get a rebate within six years, according to the ministry.
Finance Minister Carole James was not available for an interview, but her ministry said the exemption process “will help identify speculators and empty homes, allowing the government to crack down on speculation and make housing more affordable.”