This morning it was announced by Christie Clark and Mike de Jong that the BC government will impose a tax on properties purchased by foreign buyers beginning August 2nd, 2016. The tax applies to residential purchased by buyers who are citizens or permanent residents of Canada, as well as to companies controlled by foreigners. The government will have the ability to adjust the tax rate between 10 and 20% and affects properties purchased in the Vancouver area, including White Rock and South Surrey however it does not include the Tsawwassen First Nations Treaty lands.
For more information, click here to read the full article from the Globe and Mail.
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