B.C. tweaks speculation tax to protect locals with vacation homes
According to the minister, homes with a value of a less than $400,000 will also be exempt. Those who own a vacant home worth more than that will receive a non-refundable income tax credit on the first $400,000 of their property's value.
"We have focused the geographic areas so this tax only applies in urban housing markets hardest hit by this crisis," James said. "With so many people desperate to find good homes in these urban areas, we need to take every step we can to free up and create more housing opportunities."