Industry critical of new B.C. tax on foreigners buying homes

Industry reaction to the B.C. government’s plan to tax foreign investors an extra 15% when buying residential real estate in Metro Vancouver has been swift and critical.

The government announced July 25 that foreigners who buy B.C. homes will have to pay the new tax, starting August 2.

“Housing affordability concerns all of us who live in the region,” said Real Estate of Board of Greater Vancouver President Dan Morrison.

“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.

The measure comes after speculation that foreign money is to blame for surging Metro Vancouver home prices.

The tax is set to apply to the sale of all homes in Metro Vancouver except those on treaty lands of the Tsawwassen First Nation.

Read the full article on BIV.com.