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Home / 2018 / Royal LePage predicts dip in BC recreational housing prices
Royal LePage predicts dip in BC recreational housing prices

Royal LePage predicts dip in BC recreational housing prices

BC’s new out of province speculation tax could lead to a sizeable drop in home prices.

Real estate company Royal LePage has released a report that claims the new tax is likely to convince many to sell off their vacation properties.

The company claims that this will lead to a drop in BC’s recreational housing prices, estimating a 2.8 percent drop to an average of around 530 thousand dollars by September.

The new tax will see Canadians living outside of BC but owning properties in the province pay 1 percent higher taxes, and foreign investors face a 2 percent higher rate by next year.

About Jeff Blagden

News Reporter/ Anchor. Originally from Hamilton, Ontario, Jeff has a background in sports journalism, and radio hosting. He comes most recently from his post as a morning show host in Chetwynd.

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