South Surrey/White Rock Luxury Home Marketing Specialist

Blog › Real Estate News

Premier Christy Clark says foreign buyer tax will not apply to those with work permits


During the Lunar New Year parade in Chinatown on Sunday, January 29, Premier Christy Clark indicated that people with work permits who live and work in BC will be exempted from the Metro Vancouver foreign buyer tax. Click here for a story from The Province newspaper. No further details have been released by the provincial government, however Finance Minister Mike de Jong indicated to the Vancouver Sun on Wednesday, February 1, the provincial government is considering offering a refund on the foreign buyers’ tax to people who paid the tax on a home, but then shortly afterwards obtained Canadian citizenship or permanent resident status that would have originally exempted them from the tax. We will keep you posted when more information is available.



Updated* BC adds 15% property transfer tax to foreign buyers


Despite concerns expressed by many groups including our Board, the Real Estate Board of Greater Vancouver and BCREA, the BC Government passed legislation on Thursday, July 28 to add a 15 per cent Property Transfer Tax on foreign nationals buying real estate in Metro Vancouver. The government says the additional tax will take effect August 2 and will apply to foreign buyers registering the purchase of residential homes in Metro Vancouver, including presales but excluding treaty lands in the Tsawwassen First Nation. Provincial Finance Minister Mike de Jong unveiled the tax as part of legislation aimed at addressing low vacancy rates and high real estate prices in southern B.C. “For example, the additional tax on the purchase of a home selling for $2 million to a foreign national will amount to an additional $300,000,” de Jong told members of the legislature. All BC residents currently pay a one per cent tax on the first $200,000 of their purchase, two per cent on the remaining value up to $2 million and three per cent on any portion above that. “The amendments include anti-avoidance rules designed to capture transactions that are structured specifically to avoid the additional tax,” de Jong said. The revenue from the additional tax would be used to fund housing, rental and support programs, the minister said. De Jong said recent government housing data indicate foreign nationals spent more than $1 billion on BC property between June 10 and July 14, with 86 per cent on purchases in the Lower Mainland area.