BC Property Tax Changes: Seniors Hit Hard

0:00It's April 2nd. You're listening to Vancouver News today, AI Power Local News. I'm Corey with the story. British Columbia's Property Tax The Feral Program lets eligible homeowners skip paying taxes yearly, turning it into a loan repaid when they sell the house. In the latest budget, the NDP government made big changes that could hit seniors hard. They jacked up the interest rate from prime minus 2% to prime plus 2%. Worse, it now compounds like a mortgage instead of simple interest, ballooning the debt fast. Tax expert Paul Sullivan warns many folks, especially older ones, might not grasp the math. The same deferral could now cost roughly 10 times more, eating up to 70% of a home's equity. Finance Minister Brenda Bailey says the tweaks stop people from abusing the system. But the seniors' advocate worries fewer will use it now, since nobody wants to surprise debt after paying off their mortgage. These shifts mean deferred taxes plus interest could force a home sale by year 17 or block

1:01more borrowing. Homeowners need to crunch the numbers before jumping in.