The provincial government announced the implementation of a new "Foreign Entity Tax" to take effect on August 2, 2016.
With the ever-increasing prices of real estate over the recent years, the lack of affordable housing in Vancouver and its surrounding areas has become a prominent issue for many residents of BC. The BC government has long recognized that non-Canadian real estate investors were among the biggest contributors to the hikes in real estate. The provincial government’s first attempt to address the issue took the form of the implementation of the “Luxury Home Tax”, whereby a higher rate of property transfer tax would be payable for properties priced at $2 million dollars or more. Click here to read our previous blog post on this topic (insert link).