BC Foreign Buyers Tax

(August 05, 2016 )

Westport Properties Inc. Foreign Buyers Tax

Here is another view of the new tax implications for foreign buyers and how it is having a ripple affect through the Greater Vancouver real estate market. The reach is actually stretching far beyond White Rock and Greater Vancouver as many baby boomers were taking the opportunity to sell their Lower Mainland homes and head to the Okanagan or the Island for their retirement. 

Whichever side of the fence you stand on regarding this tax, you can't deny that it is heavily impacting BC residents as well foreign buyers. If you have questions surrounding the tax or need help in selling a home, feel free to contact our team of White Rock Realtors at Westport Properties Inc. anytime.

Vancouver real estate lawyer Richard Bell says he expects a large number of real estate contracts to end up in litigation in the wake of the government's sudden announcement of a foreign buyer tax.

The province last week imposed a 15 per cent levy on foreign nationals purchasing real estate in Metro Vancouver, but made no provisions to exempt contracts that were already signed prior to the announcement.

Bell told The Early Edition's Rick Cluff Thursday that a single purchase contract failure can create a "domino effect," hurting Vancouver locals....
By Salma Nurmohamed, CBC News