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Did the New Foreign Tax Make Vancouver Real Estate More Affordable?

Back on August 12, 2016 I wrote about the new 15% property tax that was introduced for residential property transfers to foreign entities (non-Canadian Citizen or non-Permanent Resident) in the Greater Vancouver Regional District.  I asked the question… “Will the new foreign tax make Vancouver real estate more affordable?”.  It was too early to tell back then and now that 6 months have gone bye… did it?

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Will the New Foreign Tax make Vancouver Real Estate More Affordable?

That is a great question!  As you have most likely heard or read… on July 25, 2016 the Government of British Columbia announced that… as of August 2, 2016, there is an additional 15% property tax that applies to residential property transfers to foreign entities (a non-Canadian Citizen or Permanent Resident) in the Greater Vancouver Regional District.

The Greater Vancouver Regional District includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver and White Rock.

The tax is collected at the time the property transfer is registered with the Land Title Office and it does not exempt contracts that were written before August 2, 2016.

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