Market News - Week of March 18th to 24th
Spring has sprung! We certainly live in one of the most beautiful places in the world. We hope that over the coming days and weeks, you will have time to get out and enjoy the beauty that is all around us! On the real estate front, as expected, we are seeing a continued increase of listings coming to the market. We are still tracking behind last year in regard to sales…but time will tell how much of our inventory will move in the current market conditions. In other real estate news impacting home owners in BC, you will have received a letter in the mail regarding the Speculation and Vacancy Tax. The speculation and vacancy tax is designed to turn empty homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system. Please remember that your declaration is due on March 31 of each year.
This tax is an annual tax that applies based on:
- How property owners use their residential property
- The property owner’s residency status
- Where property owners earn and report their income
The revenue collected through the tax supports affordable housing in the areas where the tax applies. To find out more about the Speculation and Vacancy Tax. The government has a great website set up with lots of information. You can find out more here: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax/how-tax-works
Lastly, for all your real estate needs, we are here for you. This weekend, Debra Bartlett will be available and on call. Have a wonderful weekend!
Michele Holmes and Debra Bartlett