Sun Peaks Ski Resort has the Highest Overseas Homeownership in the ProvinceJune 29, 2018 1:33 pm
According to a June 25 Statistics Canada study, the province’s top two ski resorts are the areas with the highest proportion of non-Canadian-resident owners of residential real estate, with Vancouver lagging in third place. Sun Peaks, near Kamloops, tops the list with non-residents owning 16.5 per cent of homes, according to the new data from Statistics Canada. Whistler is a close second at 15.5 per cent, still more than double Vancouver’s 7.8 per cent.
The speculation tax, first announced in February’s budget, would add an annual fee to secondary homes owned by non-residents unless the property is leased or rented for half the year or valued at less than $400,000. A non-resident is defined as someone who may be a citizen but doesn’t have a primary address in Canada.
While foreign buyer and speculation taxes have been announced in areas like Victoria, Kelowna, Nanaimo and the Lower Mainland, recreation-driven destinations such as Sun Peaks and Whistler remain exempt as their economies rely on tourism.
The province has faced backlash from several communities including Kelowna and West Kelowna whose mayors have said it will give surrounding communities an unfair economic advantage and force them to cancel several housing development projects.
Categorized in: Western Investor