What’s in BC Budget 2022 for homebuyers and owners?
At a glance (2 minute read)
- There’s not much for home buyers and owners in this year’s BC Budget.
- Funding for climate change, infrastructure, and rental supplements are key parts of the budget.
Property Transfer Tax (PTT)
Budget 2022 continues with the implementation of Homes for BC 10-year housing plan to deliver 114,000 affordable homes in BC. This includes:
- $100 million in 2022/23 to non-profit housing providers to accelerate the construction of mixed-income housing through the Community Housing Fund; and
- Additional funding for the HousingHub at BC Housing to keep up with the growing demand for the $2 billion in low-cost financing announced in Budget 2021.
Speculation and Vacancy Tax
Clean Buildings Tax Credit introduced
A new exemption on heat pumps, paired with an increase to the PST on fossil fuel heating equipment to 12 per cent, is effective April 1, 2022.
The PST has been removed on Zero-Emission Vehicles (ZEV), exempting more ZEVs from the luxury tax.
Read the BC Government news release on BC Budget 2022
Read Budget BC 2022 Highlights
Visit the BC Budget 2022 website
Read BC Budget 2022 (Opens 194-page pdf)