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Tagforeign property transfer tax

Mortgage Brief…BC’s 15% Foreign property tax coming to Toronto?

BC waterfrontAnd it begins in Vancouver… the long-awaited, little debated foreign property tax is about to begin.

Foreigners wanting to buy in Vancouver will need to add 15% to the purchase price..  Put another way, this adds $150,000 to the purchase price of a $1,000,000 property.

The new tax begins August 2nd.   The provincial BC govt says they want to ensure that home ownership remains within the reach of the middle class.  And if it doesn’t then, they say, it has created a new revenue stream.

MY THOUGHTS… Continue reading “Mortgage Brief…BC’s 15% Foreign property tax coming to Toronto?”