BC Government’s Foreign Home Buyers Tax: Impact on Vancouver home prices
Just about 6 months from when the BC government introduced its 15% property tax for foreign buyers of homes in Vancouver, the verdict is out: The new tax has had significant impact on not only home prices in greater Vancouver; but has also resulted in a significant decline in the number of foreign buyers in that hot housing market.
IMMEDIATE GRATIFICATION
The new tax took effect on all transactions taking place from Aug 2, 2016 onwards. By October 28th, the government had reported receiving what one might term instant gratification.