Vancouver to Tax Foreign Real Estate Investments

Big news has emerged from British Columbia, where the government has been criticized for not doing more to address the housing affordability crisis.

1 minute read

July 26, 2016, 8:00 AM PDT

By James Brasuell @CasualBrasuell

markyeg / Flickr

"Foreign buyers of Metro Vancouver real estate will be taxed an additional 15 per cent, the government announced Monday in new legislation," according to an article by Rob Shaw.

"The tax would increase the property transfer tax on non-Canadian citizens or non-permanent residents purchasing homes. It would begin Aug. 2 and apply to all residential property in Metro Vancouver, excluding the Tsawwassen First Nation," adds Shaw.

British Columbia Premier Christy Clark is quoted in the article describing the need for the new tax:

There is evidence now that suggests that very wealthy foreign buyers have raised the price of overall housing for people in British Columbia. If we are going to put British Columbians first, and that is what we are intending to do, we need to make sure that we do everything we can to try and keep houses affordable and try to make sure those very wealthy foreign buyers find it a little bit harder to buy a house in the Greater Vancouver area.

The bill also allows the city to tax vacant homes.

FULL STORY: Premier unveils foreign buyers tax on Metro Vancouver real estate

Monday, July 25, 2016 in Vancouver Sun

Housing British Columbia Vancouver Housing Market housing affordability Housing Crisis Foreign Investment Real Estate Anti-Speculation Tax Foreign Real Estate Investment Tax View More

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Start Learning

Advertise with us

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.