Last year, the BC government took several steps to try and cool Metro Vancouver’s hot property market and increase affordability. However, despite the government’s best efforts – including a 15% foreign buyer’s tax – the gap between housing prices and income is growing wider than ever before. Greater Vancouver home prices reached a record benchmark
Much to Vancouverite’s surprise, the B.C. government introduced the foreign-buyers tax with little warning last summer in an effort to halt the rising real-estate prices which saw July prices for detached homes soar an astounding 38 per cent in a single year. The law was passed in late July and came into effect softly after,
Like it or not, the 15% foreign buyers tax is now in effect. It is a property transfer tax on foreign nationals, corporations, and trusts that purchase homes in Metro Vancouver. Except the government keeps changing the rules, making it very difficult to figure out who has to pay and who doesn’t. This new tax
