So B.C. will now have a speculation tax, which will be 2% annually of a homes value for those who don't pay taxes but own a property, and an increase in the foreign buyers tax to 20%.
But the foreign buyers tax will still not apply to farmland, despite the government committing to examining taxes on the Agricultureal Land Reserve.
In fact, the increase in the foreign buyers tax on residential properties will likely incentivize farmland even more.
With somewhat lax rules on the size of a home you can build in Richmond's ALR, and the fact these these properties will remain exempt from the foreign buyers tax, you can only wonder how the landscape of Richmond's farmland will change.
The few gigantic homes that we now see on these lands might be nothing compared to what the future might hold. Once again can you hear the uproar? And as usual, only after the damage has been done!
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