British Columbia Extends Empty Home Tax to Encourage Rental

News ByRaj. V. Sharma July 3, 2023July 23, 20231 min read

The BC government is expanding the empty home tax to additional cities, including North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay, and Squamish.
Property owners in affected regions must declare the use of their property in 2023 or face penalties.
The penalty for failure to declare ranges from 0.5% to 2% of the property's total value, depending on the owner's citizenship.
The tax has generated over $313M, which has been redistributed to local authorities.

Raj. V. Sharma

Raj V. Sharma is a knowledgeable and experienced mortgage broker with years of experience. He is highly skilled in all aspects of the mortgage business, including residential and commercial purchases and refinances. Raj is committed to assisting clients in securing conventional and alternative mortgage financing solutions. He has a strong background in Real Estate Trading and is dedicated to providing high-quality advice and guidance to individuals seeking mortgages in Canada. Raj is a trusted source for comprehensive mortgage solutions, with extensive experience in regular banking and private equity.

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