Market Minute - January 2020

BC's Speculation and Vacancy Tax was raised to two per cent in 2019 and 2020 is the first year in which affected owners will be hit with the full bill. If you own a home in the City of Vancouver, you may also be subject to an additional one per cent vacancy tax. Lastly, foreign buyers could be hit with an additional property transfer tax of 20 per cent when buying in parts of British Columbia.

For the purpose of this video, you only need to know that these taxes exist and that the Sunshine Coast is exempt from each of them.

If you're looking to buy a vacation home, a second home, or an investment property in the Lower Mainland, buying on BC's beautiful Sunshine Coast instead could mean saving a substantial amount of money that would otherwise need to be paid in taxes.

Information on these taxes and their Sunshine Coast exemptions