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Province of BC to tax foreign buyers of Metro Vancouver homes

vancouver real estate home equity mortgage alpinecreditsCBC BC reports that the provincial government took steps to reduce some of the pressure in Metro Vancouver’s real estate market by introducing legislation that would add a 15 per cent property transfer tax for foreign nationals buying real estate in Greater Vancouver.

The new tax takes effect after the August long weekend and it excludes the treaty lands of the Tsawwassen First Nation.

All B.C. residents currently pay a one per cent tax on the first $200,000 of their purchase, two per cent on the remaining value up to $2 million and three per cent on any portion above that.

The revenue from the additional tax would be used to fund housing, rental and support programs.

The government says the new tax is aimed at making housing more affordable for middle-class buyers.

According to a release, the government defines a foreign national as someone who is not a Canadian citizen or permanent resident, “including stateless persons.”

This news come after the Real Estate Board of Greater Vancouver said its benchmark price for detached properties in Vancouver had risen above $1.5 million last month.

Article from CBC News

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