Foreigners who have work permits and are resident in BC will soon be exempt from the foreign owner’s tax that was implemented in August of 2016. There were no details on the exemption that Christy Clark announced during a Lunar New Year Parade in Chinatown, including when it might go into effect.
Finance Minister Asked to Investigate Foreign Buyer Tax Lift
Finance Minister Mike de Jong was asked by the BC Premier to examine ways to provide relief for those arriving in BC with work permits. Foreign real estate transactions in Metro Vancouver in November dropped by 90% compared to the 7 weeks prior to the tax being enforced.
Foreign Buyer Tax Lifted After Specific Sector Complaints
NDP critic David Eby suggested the Foreign Buyer Tax was lifted because advanced education and tech sectors voiced concerns regarding the detrimental impact it had on their ability to recruit workers who would also live in the province.
Greater Vancouver Real Estate Board Welcomes Foreign Buyer Tax Lift
According to Dan Morrison, president of Greater Vancouver Real Estate Board, foreigners with work permits buying real estate should not have had to pay the additional tax to begin with.
For more information on the effects of this Foreign Buyers Tax Lift, contact Natasha Taylor at 1-778-316-4290.