{"id":2824,"date":"2016-07-27T11:11:22","date_gmt":"2016-07-27T18:11:22","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2824"},"modified":"2016-07-26T12:13:07","modified_gmt":"2016-07-26T19:13:07","slug":"bc-launches-new-15-tax-on-foreigners-who-buy-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/07\/bc-launches-new-15-tax-on-foreigners-who-buy-homes\/","title":{"rendered":"BC Launches New 15% Tax on Foreigners Who Buy Homes"},"content":{"rendered":"<p style=\"text-align: justify;\">Foreigners who buy BC homes will have to pay a new 15% tax starting August 2 thanks to new legislation that the BC government introduced July 25.<\/p>\n<p style=\"text-align: justify;\">The measure comes after speculation that foreign money is to blame for surging Metro Vancouver home prices.<\/p>\n<p style=\"text-align: justify;\">The tax is set to apply to the sale of all homes in Metro Vancouver except those on treaty lands of the Tsawwassen First Nation.<\/p>\n<p style=\"text-align: justify;\">Those who are not Canadian citizens or permanent residents will have to pay the tax. That includes corporations that are either not registered in Canada or are controlled by foreigners.<\/p>\n<p style=\"text-align: justify;\">BC residents already pay a 1% tax on the first $200,000 of their purchase, 2% on the remaining value up to $2 million and 3% on the portion above that.<\/p>\n<p style=\"text-align: justify;\">The new measure would add $300,000 in new tax on a $2 million home.<\/p>\n<p style=\"text-align: justify;\">\u201cThe data we started collecting earlier this summer is showing that foreign nationals invested more than $1 billion into B.C. property between June 10 and July 14, more than 86% of it in the Lower Mainland,\u201d said de Jong to explain the government\u2019s rationale for the new tax.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile investment from outside Canada is only one factor driving price increases, it represents an additional source of pressure on a market struggling to build enough new homes to keep up. This additional tax on foreign purchases will help manage foreign demand while new homes are built to meet local needs.\u201d<\/p>\n<p style=\"text-align: justify;\">The new legislation, dubbed the Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016, also establishes a fund for market housing and rental initiatives, strengthens consumer protection, and gives the City of Vancouver the tools it requested to increase rental property supply.<\/p>\n<p style=\"text-align: justify;\">\u201cOwning a home should be accessible to middle-class families, and those who are in a position to rent should be able to find a suitable home,\u201d said Premier Christy Clark.<\/p>\n<p style=\"text-align: justify;\">\u201cThese changes are about helping to make sure that British Columbians can continue to live, work and raise their families in our vibrant communities.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/7\/bc-launches-new-15-foreigners-who-buy-residential-\/\" target=\"_blank\">BC Launches New 15% Tax on Foreigners Who Buy Homes<\/a> by Glen Korstrom | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Foreigners who buy BC homes will have to pay a new 15% tax starting August 2 thanks to new legislation that the BC government introduced July 25. The measure comes &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/07\/bc-launches-new-15-tax-on-foreigners-who-buy-homes\/\">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-2824","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Launches New 15% Tax on Foreigners Who Buy Homes &#8226; 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-launches-new-15-tax-on-foreigners-who-buy-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Launches New 15% Tax on Foreigners Who Buy Homes &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Foreigners who buy BC homes will have to pay a new 15% tax starting August 2 thanks to new legislation that the BC government introduced July 25. 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