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Will BCers with more than one house be exempt from new speculation tax?


VICTORIA (NEWS 1130) – British Columbians with more than one home in this province are still trying to figure out if a new speculation tax will apply to them.

Premier John Horgan is not saying yet if vacation and retirement properties will be exempt, but he admits that may happen when the legislation is finalized later this year.

“We’re hearing what they have to say and then, we’ll make changes as required and implement legislation in the fall which was the plan from day one and it continues to be the plan. We want to make sure that we get this right and I think we’re being prudent and we’re being responsible.”

He admits changes promised by Finance Minister Carole James may not happen right away.

“We’re not just getting correspondence from people who don’t like the tax. We’re getting an overwhelming amount of correspondence from people who think it’s a great idea. We’ve put forward a plan to address it. We’re going to take advice from people –those that are in favour, those that are opposed and we’re going to have as comprehensive a plan as possible –starting with legislation in the fall.”

Horgan insists the tax will be changed to ensure the focus is on speculators who’ve been driving up real estate prices.