{"id":2821,"date":"2016-07-26T10:10:20","date_gmt":"2016-07-26T17:10:20","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2821"},"modified":"2016-07-25T14:50:46","modified_gmt":"2016-07-25T21:50:46","slug":"bc-government-to-impose-15-tax-on-foreign-bought-vancouver-real-estate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/07\/bc-government-to-impose-15-tax-on-foreign-bought-vancouver-real-estate\/","title":{"rendered":"BC Government to Impose 15% Tax on Foreign-Bought Vancouver Real Estate"},"content":{"rendered":"

After months, even years, of talking about the growing unaffordability of housing in Vancouver and other parts of BC, the provincial government announced today that it would impose a 15% property transfer tax on foreign nationals who buy residential real estate in Vancouver. The tax on a $2 million home would be $300,000. In just one month, from June 10 to July 14, according to reports, foreign nationals spent more than $1 billion on BC property, most of it in the Lower Mainland area. Approximately 5% of homes sold in the area in that period went to foreign buyers, i.e. buyers who are not Canadian citizens or permanent residents.<\/p>\n

The premier, Christy Clark, stated that the new tax would improve real estate\u2019s affordability for middle-class families. \u201cOwning a home should be accessible to middle class families,\u201d she said, \u201cand those who are in a position to rent should be able to find a suitable home.\u201d Clark said there was evidence that very wealthy foreign buyers have raised the price of housing for people in BC. Putting British Columbians first means keeping housing affordable, something that can be achieved by making sure wealthy foreigners \u201cfind it a little bit harder\u201d to buy a home in Vancouver.<\/p>\n

It is not clear how making it \u201ca little bit harder\u201d for wealthy foreigners will make it \u201ca whole lot easier\u201d for middle class British Columbians, unless the new tax has the effect that some have warned about, namely depressing the prices of homes in the area. If demand is dampened to the point that prices begin to fall, those who have already purchased homes could suffer as their equity decreases. The finance minister himself had long argued that that would be a likely outcome. However, according to the Georgia Straight the new tax is likely to be popular with residents of the Metro Vancouver region. The benchmark price of a single-family home in the greater Vancouver area increased by more than 70% over just the last three years.<\/p>\n

Clark also said that it was important to grow the supply of new homes in the area to really address the affordability issue.<\/p>\n

The money raised by the new tax is to be used to fund housing, rental and support programs, according to finance minister Mike de Jong.<\/p>\n

Another new measure being implemented is a tax on vacant properties in Vancouver. This is something that Vancouver mayor Gregor Robertson has wanted for some time in his efforts to increase the supply of rental housing in the city. The city now has the authority to levy a new tax on people who don\u2019t live in homes they have purchased in Vancouver. As of last March, 1% of single-family and duplex homes were sitting empty, while 12.5% of condos were vacant.<\/p>\n

The new property transfer tax rules will take effect on August 2.\u00a0 There has been no official response yet from the real estate industry in Vancouver.<\/p>\n

BC Government to Impose 15% Tax on Foreign-Bought Vancouver Real Estate<\/a> by Josephine Nolan | Condo.ca<\/p>\n","protected":false},"excerpt":{"rendered":"

After months, even years, of talking about the growing unaffordability of housing in Vancouver and other parts of BC, the provincial government announced today that it would impose a 15% … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2821","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nBC Government to Impose 15% Tax on Foreign-Bought Vancouver Real Estate • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/07\/bc-government-to-impose-15-tax-on-foreign-bought-vancouver-real-estate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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