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B.C. to bring in a 15 per cent additional real estate tax on foreign buyers

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Canadian Realestate Magazine | 25 Jul 2016, 02:08 PM Agree 0
Foreign nationals who buy real estate in Metro Vancouver would pay an additional property transfer tax of 15 per cent under legislation being brought in today by the British Columbia government
  • MFenn | 25 Jul 2016, 02:37 PM Agree 0
    See what NAFTA has to say about it! :)
    • GeniusLikeKanye | 27 Jul 2016, 02:05 AM Agree 0
      Why would NAFTA care about business between Asian countries and Canada? Last time I checked, NAFTA only concerns MEX/CAD/USA
    • JJ | 28 Jul 2016, 08:14 PM Agree 0
      NAFTA? has nothing to do with Asia. What do you think NAFTA is?
    • duh | 28 Jul 2016, 11:54 PM Agree 0
      Not all "foreign buyers" are from Asia, genius.
  • Tony | 25 Jul 2016, 03:10 PM Agree 0
    I hear a popping sound!!
  • Kris Kooblall | 25 Jul 2016, 04:38 PM Agree 0
    This is simply an excellent move by the B.C provincial government in the right direction.
  • citizen | 25 Jul 2016, 04:45 PM Agree 0
    I agree to have some additional tax for foreigners, but 15% is too much, it will hurt the market in BC.
  • Joel Sida | 25 Jul 2016, 04:51 PM Agree 0
    Excellent move in the right direction to target foreign investors that move their funds overseas
  • | 25 Jul 2016, 08:31 PM Agree 0
  • Toronto Guy 1 | 26 Jul 2016, 12:22 AM Agree 0
    A) This is dumb... and is not going to make housing "affordable" for working Vancouverians.
    B) Toronto is going to benefit LARGE.
  • | 26 Jul 2016, 02:40 AM Agree 0
    Laughable how the locals who flip properties are exempt from the 15% tax. Most of the flips are local who quickly learn that when dealt a good hand you double down. Repeat as often as possible. Thanks to media hype and poor statistics this was a no fail opportunity.
  • | 27 Jul 2016, 05:39 PM Agree 0
    Good start, but should also have the same tax on quick flips as well. Real estate agents making millions of dollars a year shouldn't be possible. The vacancy tax should apply if the buyer doesn't live in the home at least 10 months of the year, otherwise they will rent the property out at the same cost or more of what they're paying which just increases the amount of overpriced rentals not the amount of affordable rentals.
    • JJ | 28 Jul 2016, 08:17 PM Agree 0
      The tax on quick flips is covered in the Income tax act. It moves the profit on a sale to be treated as income and not a capital gain. Why have additional tax laws?
  • Toronto Guy | 31 Jul 2016, 05:36 PM Agree 0
    Listen to everyone "tax me", "tax me more", "Wait, let me bend over". While I agree with a tax for out of the country buyers. Flipping or occupancy should be left alone. If you buy something and want to leave it empty it is no ones business. If someone wants to buy your property and pay a premium the government should back off. Real estate is the last opportunity the average joe has to get ahead. If someone manages to get into the market what he does with his purchase is no ones business. Where the focus should be is what is going to happen to this tax revenue. Will it be used to offset some of the taxes/expenses for first time buyers.
  • John Doe | 02 Aug 2016, 01:43 PM Agree 0
    Let's crash the whole Vancouver economy. Great move to disrupt the whole housing market and everything else. Don't people see that this is a move in the wrong direction. Why cripple the hand that is putting food on the table.
    • MFenn | 11 Aug 2016, 11:38 PM Agree 0
      Yes, it's saying "Go away, investment!".
      And "foreign" is a euphemism for "Chinese".
      Little has evidently been learned in Vancouver since the Komagata Maru: the investment of Asians is welcome, but not their faces: merely a rehash - in another form - of the infamous head tax. Most ironic in a Province that prides itself as being so liberal.
  • MFenn | 11 Aug 2016, 11:41 PM Agree 0
    PS: The comments, above, that admit that this measure is aimed at the Chinese, betray themselves.
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