The provincial Minister of Finance has released further details about the proposed new speculation tax. Bowen Island is not included within the taxable area of Metro Vancouver.
The tax details released today contain a series of thresholds, exemptions and geographic refinements that serve to focus their reach on people who own multiple homes left empty in overheated markets, while making sure that British Columbians who own vacation properties are largely exempted.
“The speculation tax focuses on people who are treating our housing market like a stock market,” said Carole James, Minister of Finance. “So people in smaller communities, those with cottages at the lake or on the islands, will not pay this tax.”
*See backgrounder for specific mention of Bowen Island's exemption