{"id":2857,"date":"2016-07-30T11:11:00","date_gmt":"2016-07-30T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2857"},"modified":"2016-07-29T15:36:16","modified_gmt":"2016-07-29T22:36:16","slug":"the-domino-effect-of-bcs-new-foreign-buyers-tax","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/07\/the-domino-effect-of-bcs-new-foreign-buyers-tax\/","title":{"rendered":"The Domino Effect of BC’s New Foreign Buyer’s Tax"},"content":{"rendered":"

The BC government\u2019s announcement on Monday (July 25) of a new 15% foreign buyer\u2019s tax will impact not only overseas purchasers of residential real estate, but Canadian citizens as well.<\/p>\n

\u201cThe provincial government really should have looked downstream to see all the different groups that would be impacted by this retroactive tax. I\u2019m just not sure this was thoroughly thought out,\u201d Royal LePage West agent Adil Dinani told MoneySense.<\/p>\n

\u201cThe real concern is the implementation of this tax,\u201d Dinani stated. \u201cUsually there\u2019s a policy effective date, like with the last mortgage amortization or down payment changes, but this time there was no consultation. Just an imposed policy.\u201d<\/p>\n

The levy will be applied to all BC homes sold during and after August 2, 2016.<\/p>\n

Mere days after the announcement, the effects of the steep tax have already made themselves felt among agents in Vancouver, where the benchmark price has breached the $1.5-million mark in June. Foreign nationals have purchased over $1 billion worth of properties in BC between June 10 and July 14 this year.<\/p>\n

\u201cBeing on the frontline, we\u2019ve already seen fall-out,\u201d Dinani said on Tuesday (July 26). \u201cI\u2019ve had calls in the last 24 hours from agents representing foreign buyers who are backing out of deals because of this new tax.\u201d<\/p>\n

Toronto Royal LePage agent Cailey Heaps Estrin agreed with this grim view, adding that the imposition of the tax will get in the way of what she called an \u201copen and fair market.\u201d<\/p>\n

\u201cI just don\u2019t see how it will help, considering how much our nation\u2019s housing market helps the economy,\u201d Estrin said. \u201cThere\u2019s not a financial market in the world that doesn\u2019t slow down. Eventually the Vancouver and Toronto market will slow down, so I\u2019m not sure if this tax will create the desired effect.\u201d<\/p>\n

Real Estate Board of Greater Vancouver president Dan Morrison argued that the government acted hastily, without even considering the domino effect downstream.<\/p>\n

\u201cImplementing a new real estate tax with just eight days\u2019 notice and no consultation with the professionals who serve home buyers and sellers needlessly injects uncertainty into the market,\u201d Morrison said.<\/p>\n

The Domino Effect of BC’s New Foreign Buyer’s Tax<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

The BC government\u2019s announcement on Monday (July 25) of a new 15% foreign buyer\u2019s tax will impact not only overseas purchasers of residential real estate, but Canadian citizens as well. … [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-2857","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nThe Domino Effect of BC's New Foreign Buyer's Tax • 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\/the-domino-effect-of-bcs-new-foreign-buyers-tax\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The 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