June 27, 2018 | Barb Livingstone
New B.C. speculation tax could prompt Albertan vacationers to look closer to home for second-property purchases
Scott Henderson has split his work time between clients in the Okanagan and those in his hometown of Calgary for the last 15 years.
Eight months ago, the marketing/communications agency owner got pre-qualified for a mortgage for a second residence in Kelowna. Then, this February, B.C.'s provincial government announced a speculation tax on out-of-province and foreign owners to discourage buy-up of housing by investors who, it claims, leave homes empty and drive up home prices. A homeowner can avoid the tax by living in, or renting out, the home half the year.