British Columbia Introduces 15% Tax on Real Estate Purchased by Foreigners

 

By:  Adrian Trott
Sales Representative

British Columbia has been one of the hottest areas in Canada for foreign money, especially Chinese investors.  Finance Minister Mike de Jong is implementing a 15% tax on real estate purchased in Metro Vancouver by foreigners, a hefty $300,000 additional cost to a $2,000,000 property.  The tax is being made in an effort to address the escalating real estate values and low vacancy rate.

While foreign investors have also sought the likes of Toronto and the GTA for investing their money, Vancouver has certainly been a preferred location.  With the introduction of the 15% tax however, other provinces are likely to see an increase as investors redirect funds to areas not currently implementing such policies to protect their residents.  

For additional real estate news, tips on buying or selling your next home or to chat about making your next move, give us a shout any time.

The Kormendy Trott Team

Ariel Kormendy:  (647) 464-0957
Adrian Trott:  (416) 707-8401

 

Century 21 Miller Real Estate Ltd.

The Kormendy Trott Team

The Kormendy Trott Team

CENTURY 21 Miller Real Estate Ltd., Brokerage*
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