It’s more likely the expensive series of penalties will make many of them lose interest permanently. If they recover and regain interest later, that would spell policy failure. Some market watchers expect the initial shock to sideline many foreign buyers. That rate is expected to drop, as it did in Vancouver when the surtax was first imposed. About four per cent of sales in the capital region involved foreign buyers last year. The big question is whether it will make a difference to the vast bulk of the market, made up of domestic buyers. A foreigner buying an expensive home for investment purposes will have to ante up several hundred thousand dollars in extra taxes to do so. The collective impact will likely be to decimate, if not eradicate, foreign interest in the biggest real-estate markets in B.C. “This is what a progressive tax system looks like,” said a backgrounder. “Those who have benefited the most from the rising real-estate market should contribute their fair share,” said a budget document.Īnd starting in 2019, the school tax on homes over $3 million will be hiked as well. It will be raised to five per cent from three per cent on homes worth over $3 million. It’s designed to encourage them to rent out properties if vacant, if they don’t just opt out and sell.Īlso going up starting Wednesday is the standard property-transfer tax on high-end homes. The annual levy will cover the same regions as the increased foreign buyers’ tax, starting at $5 per $1,000 of assessed value and rising to $20 in 2019. This fall, another tax will kick in, aimed at domestic and foreign speculators who don’t live at the property they own and don’t pay taxes in B.C. It will amount to $200,000 on a $1-million home, over and above the property-transfer tax. The area it applies is also being expanded, to include the south Island, Nanaimo, the Fraser Valley and the central Okanagan. Although they were skeptical of the Liberal move at the time, they are hiking the foreign buyers’ tax to 20 per cent, effective Wednesday. Liberal government was considered audacious in 2016 when it slapped a 15 per cent tax on foreigners buying real estate in Metro Vancouver, the first such surtax in Canada. About a third involve taxes, some designed specifically to penalize owners who leave properties vacant. The NDP government unveiled a 30-point plan to make housing fairer and more affordable. Finance Minister Carole James on Tuesday poured several pails of cold water on the province’s overheated real-estate market. CRAWFORD BAY HALL: fundraiser: prints & cards by Bruce Pattersonġ8.B.C. Lunch, snacks, special coffees & teas… special for the BEVY: turkey soup and hot apple cider!!ġ7. Ryan Davis REDS BAKERY: literally the best bakery on the earth. Willow Johnston: I LOVE YEW lovely yew wood earrings & other forest creationsġ6. Mattie: FOXY BOHO bohemian jewellery, sun catchers, gorgeous danglesġ5. Ingrid Baetzel: Doreen Zaiss‘s wonderful last novel, THE THORN a dramatic tale by a beloved authorġ4. Jennifer Moore: stunning acrylic & watercolour paintings of local beastsġ3. Ginger Leclerc: Lune and Lore Fresh Alchemy: perfumes & body scents, natural & wholisticġ2. Pixie & Shpriken: SHPRIXIELAND POTTERY incredible (& famous) small-batch potteryġ1. Jen Newcomen – Indigo Desserts/ViBE: homemade chocolates & delectable cake-by-the-sliceġ0. Jessica Piccinin: ROOTS & VINE ACRES various locally grown meats, the best in the area hands downĩ. Makaili Wilkinson: the most beautiful macraméĨ. Alex Wilkinson (& friends) sweet photography cards, ornaments, wreaths…ħ. Maggie & Brian: MAGPIE Pastries pies & other deliciousnessĦ. Mandy Petrie: MOON TREE PHOTOGRAPHY calendars & cards of local scenesĥ. charcuterie boards, paintings, wooden glorious messĤ. Cathy Fowler: KOOTENAY LAKE DRIFTWOOD CO. Jen Cookson: FELT ME NOW felting beauteous nessģ. Selena Brouwer: SEENA BEES soaps, teas, creams, body luciousness.Ģ. We skipped last year, 2020, because of universal complications and high global angst, but WE ARE BACK! It’s outside this year (less coviddy), and we managed to wrangle-up 19 vendors! WHAT? Truth, homey, it’ll be the greatest public event of the year, not even exaggerating. Also, if you show up around noon, you may be privy to the musical magic of a local group of singers who have been practicing songs to bring in the seasonal spirit… Help them find a name for their group! Watch for a naming contest at Moonrakings booth! Vendors this year, who have been working their buttocks off in order to provide LOCAL, GORGEOUS, HAND-MADE, ECO-CONSCIOUS thingies are:ġ. The Bevy of Angels Yule Artisan Faire has been happening for 2 decades. The thing you’ve all been waiting for, with bated breath & squirmy excitement… It’s the BEVY! This Sunday, December 5th at Kokanee Chalets, left of Red’s Bakery, from 10-4! ~ The one ~ The only ~ The best ~ The juiciest ~
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