By: Adrian Trott
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.
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