There will be no reprieve from a new tax on foreign buyers who have signed contracts to purchase homes in Metro Vancouver, where they snapped up almost 10 per cent of recent property sales, B.C. Finance Minister Mike de Jong says.
Taiwan’s, and in particular, Taipei’s housing prices have increased at rates which made Toronto and Vancouver’s price increases seem anemic. The government introduced a luxury tax of 15% a few years ago (sound familiar?). The luxury tax had unintended consequences on the Taipei real estate market and created distortions in housing prices. Here is an article […]
Foreigners to pay new B.C. property transfer tax: the impact of bill 28 on foreign buyers of real estate
Bill 28 also proposes to amend the Vancouver Charter to allow the Council of the City of Vancouver to impose a new tax on residential property that is vacant and not otherwise exempt from taxation under the Vancouver Charter.
Answers to some of the most frequently asked questions on the new property transfer tax.