Foreign buyers pressure land registry ahead of 15 per cent tax

With the additional 15 per cent tax for foreign buyers come into effect this week in Metro Vancouver, the online land registry service has seen a surge of interest.

The Land Title and Survey Authority of British Columbia acted to ease high demand for its online system late last week by reassuring users that the system was open all weekend including Monday’s civil holiday.

A temporary filing procedure was also implemented as a backup but was later removed as the LTSA said the system was working normally but apologized “for any inconvenience our customers have experienced.”

Last Thursday alone saw 5,800 e-filed transactions through the LTSA system and industry professionals reported a sense of urgency among many buyers, keen to close deals by Tuesday. Those with pending deals were not able to avoid the extra tax as the provincial government rejected calls for an exemption for ‘live’ transactions.
 

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