Expansion of Speculation Tax and Cooling Off Period

For those that missed it, the BC Speculation and Vacancy Tax has been expanded to include Lions Bay, Squamish, North Cowichan, Duncan, Ladysmith and Lake Cowichan.

This will not affect any closings, but any potential buyers of properties in these areas should be told of the requirement to file an annual declaration.

The government also announced a mandatory 3 day cooling off period, effective Jan. 1, 2023.

More to follow on both of these I am sure!

Tony Spagnuolo

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