BRITISH-COLUMBIA-SKI-RESORTS-SAVED-FROM-NEW-SPECULATION-TAX

BRITISH COLUMBIA SKI RESORTS SAVED FROM NEW SPECULATION TAX

10.07.18

Ski resorts are offering stability in British Columbia’s rapidly changing real estate climate, as they get a free pass from the province’s second-home tax that came with the February 20 provincial budget.

The northern province of Canada has imposed a prohibitive tax on non-residents who own vacation properties that are unoccupied for much of the year, but this month it was revealed ski resorts will be exempt.

With all the recent concern over the speculation tax damaging recreational home prices, this move is being heralded as good news for owners, realtors and real estate investors, including Luxury property specialist John (JR) Ryan, who recently sold a remodelled nine-bedroom home on six acres of land for $17.5 million to an Ontario family.

There was initial concern when the news was first announced, as a study from Statistics Canada shows Sun Peaks has the highest overseas homeownership in the province, at 16.5 per cent of homes. This is followed by Whistler at 15.5 per cent and both areas are not subject to the province’s speculation tax.

It is understood that because the economies of both cities rely heavily on tourism, the government has chosen not to impose a speculation tax, as it is proposing for most of Metro Vancouver and parts of the interior.

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