Thursday, July 28, 2016

New B.C. property tax for foreign buyers hurts province, say insiders

Real estate board and homebuilders association says new tax will hurt the economy

British Columbia's plans to dampen the influence of foreign investment in Metro Vancouver's scorching housing market with a new tax on foreign buyers is causing widespread panic and confusion, say industry insiders.
Premier Christy Clark's Liberals are poised to adopt legislation that includes an additional 15 per cent property transfer tax on foreign nationals who buy residential real estate in Metro Vancouver. The tax, which takes effect next Tuesday, would add $300,000 to the price of a $2-million home.

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