Last March, for the first time since 2001, a NDP government delivered a budget to British Columbians for the coming year.

The name of the game in the new budget is affordability — huge investments were promised in everything from childcare to healthcare to housing.

With pledges of money, though, comes a need to generate revenue to fund it. With that came a plethora of new regulations and taxes in the property market, outlined the budget.

The main take-aways for real estate in B.C. are:

1. Speculation Tax

This new annual tax will apply to foreign and domestic property owners who are not residents of B.C.

Some exemptions may be made for principal residences or long-term rental properties but it will include properties that are left vacant.

The tax will be introduced this fall and apply initially apply to homes in Metro Vancouver, the Fraser Valley and some other capital regional districts like Victoria, Nanaimo, and Kelowna.

It will start at tax rate of 0.5 per cent of the assessed value in 2018 and increase to 2 per cent of assessed value next year.

2. Enhanced Foreign Buyers Tax

Starting this month, the previously-introduced foreign buyers tax will be increased from 15 per cent to 20 per cent. It will extend to other areas across the province and no longer cover just Metro Vancouver.

3. Property Transfer Tax on Homes Above $3M

An additional 2 per cent property transfer tax will be applied to homes above $3 million, on top of the previous transfer taxes.

4. Pre-sale Condos

The government will be cracking down on the pre-sale condo market, requiring developers to collect and report comprehensive information and building build a database on pre-sale condo assignments.

5. First Time Buyer Program
Details have not been finalized but the previous home partnership loan that matched first-time buyers with down payments up to 5 per cent will be replaced with a different program to support the development of affordable housing options.

6. Affordable Housing

The province promised $6 billion over the next decade to build 114,000 affordable homes units including modular, student and social housing.

1. Doors and Windows
The cost of a new door is almost entirely recouped when it comes to selling and greatly improves both look and security. A steel door costs an average of $1,162 and would recoup nearly 97 per cent of that cost, according to a survey by Cost vs. Value Report.

The same is true for windows. Dual pane windows in particular are popular and, in addition to improving attractiveness, can cut heating costs in the winter.

2. Landscaping
With warmer weather come fresh flowers and plenty of yard work. “Curb appeal” is hugely important when it comes to selling. Use your garden’s size and dimensions to your advantage — cutting back overgrown bushes and planting a delicate perimeter of flowers can do wonders for a small garden. Even for large gardens though, don’t overcrowd it.

3. Kitchen Remodel
This is a costlier upgrade than some of the others but one that will spike your home’s value. Kitchens are one of the rooms that can most obviously date a house and one of the biggest selling points for a prospective buyer.

If major renovations are not on your to-do list, consider smaller upgrades: new appliances, a fresh coat of paint on the cupboards or more storage space.

4. Bathroom Remodel
Similar to the kitchen, bathroom remodelling is an extremely valuable project albeit it can be costly. New fixtures, shelving and shower head are easy additions that can quickly improve the look. Fresh paint and fixing any water-stained marks are also must-dos.

5. Paint and Other Small Tasks
Small hardware changes – burnt out light bulbs, broken cabinet fixtures, squeaky cupboards and leaks are all little fixes that don’t take long but make all the difference.

A fresh coat of paint, particularly in a neutral colour like cream or pale yellow, can immediately brighten a room and make a home appear much more current.