Monday, July 25, 2016

Today, the provincial government announced it will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.

Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market

Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.

To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax.

Dan Morrison, President
Real Estate Board of Greater Vancouver

For media enquiries, contact:
Craig Munn, Manager, Communication
Real Estate Board of Greater Vancouver
Phone: 604-730-3146
Email: cmunn@rebgv.org