What does the BC NDP’s 2018 Budget mean for the Real Estate Industry

What does the BC NDP’s 2018 Budget mean for the Real Estate Industry The BC NDP presented the budget for 2018 earlier this week generating a buzz amongst British Columbians. This long-anticipated announcement came with changes from the government that are meant to soften demand for Real Estate, in turn creating a more affordable environment. Some of the key changes that have a direct effect on the Real Estate Industry include:

  •  An increase in the Property Transfer Tax rate for homes priced over$3,000,000. As of February 21, 2018 the PTT charged on properties valued over $3,000,000 has been increased by 2% to a total of 5%. The transfer tax will be calculated as follows:
    • 1% on the first $200,000,
    • 2% up to $2,000,000
    • 3% between $2,000,000 and $3,000,000
    • 5% above $3,000,000.
  • For any transactions written prior to February 21st, the closing date must be no later than May 18, 2018 to be exempt from the increase.
  •  An increase in the Foreign Buyers Tax as well as an expansion of the regions affected by this tax. The Foreign Buyer Tax has been increased from 15% to 20% and is now expanded beyond Metro Vancouver to the Fraser Valley, Okanagan, Kamloops, Greater Victoria and Nanaimo Regional District. Unless the transfer of property is registered prior to February 20, 2018, the new Foreign Buyer Tax will apply to all foreign buyers in the above-noted regions.
  • Better tracking of pre-sale contract assignments by the government. This initiative is meant to help the government enforce capital gains owing on any profits from assignments.
  • The introduction of a speculation tax. Commencing in 2018, owners of properties located in the areas covered by the Foreign Buyer Tax will be responsible for paying 0.5% of the property’s assessed value if the property is vacant and the beneficial owner does not pay income tax in British Columbia. This tax is expected to increase to 2% by 2019. Full details on the speculation tax are yet to be released.
  • Increased tracking as to the beneficial owner at closing Both the Provincial and Federal government are looking to obtain additional information on owners at closing to ensure taxes are being paid accordingly.

For more information on the changes announced by the government, visit

While we appreciate the government’s efforts to create a more affordable and fair Real Estate environment for local buyers, we are left asking ourselves does this do the trick? Let us know what you think.

Real Estate Reset

Real Estate Reset

Chestnut Park Real Estate and Peerage Realty Partners recently collaborated on the presentation of a webinar called “Real Estate Reset.”

A panel of residential real estate experts were convened to share their views on the path forward and how housing markets have – and will continue to be – affected by the global pandemic.

“Peerage is the epitome of entrepreneurial spirit and has consistently supported and encouraged Baker’s tradition of thinking outside the box. This has resulted in Baker taking bold steps in technology innovation, increasing sales and tremendous growth in revenue.”

Barbara Lawlor,
CEO and President,
Baker Real Estate Incorporated, Brokerage

“Peerage Capital has had a dramatic influence on cultivating an entrepreneurial spirit and focus at Chestnut Park. There is a pervasive encouragement to grow, but on our terms and time lines. Success is recognized and rewarded. Help is available if needed. Peerage proveds the perfect combination of independence and security.”

Chris Kapches,
LLB, President and CEO, Broker of Record,
Chestnut Park Real Estate Limited, Brokerage

“We were looking for a like-minded group to partner with to assist with our continued success. We found that in Peerage Realty Partners. We remain independent and retain our identity while being able to take advantage of the benefits of being part of the Peerage Realty Partners group.”

Catherine Deluce,
Founder and Chair,
Chestnut Park Real Estate Limited, Brokerage

“From the inception of our partnership, Peerage made it clear by both their words and actions that while they would always be available to discuss business strategies or financial assistance, they trusted us to manage our company competently, ethically and efficiently. They are partners in every sense of the word.”

Michael Schaenen,
Senior Partner,
ARS Investment Partners,

“Peerage provided us with all the resources and support to allow us to grow at lightning speed and with precision. Partnering with Peerage Capital has made us a force to be reckoned with in the real estate industry.”

Mary Johnson,
Vice President,
StreetCity Realty Inc., Brokerage

“Peerage Capital provides ARS Investment Partners with the right balance of operating autonomy and strategic support. Peerage recognizes and respects the expertise and judgment of the ARS management team, and allow us to do what we do best.”

Stephen Burke,
Managing Partner,
ARS Investment Partners

“Through our partnership with Peerage we are able to retain our independence while benefitting from the support of their seasoned senior management team and having access to Peerage’s valuable network.”

Rob Furse,
Echelon Wealth Partners


Peerage Capital
1325 Lawrence Avenue East
Suite 200
Toronto, ON
M3A 1C6
T: 416-840-4686
F: 416-934-7459