Foreign Buyer Taxation Changes
Foreign Buyer Taxation Changes
In 2016, a new form of taxation was introduced by the Canadian government in an effort to slow down the rapidly inflating Vancouver housing market, which saw large amounts of foreign buyer activity.
This week, new changes to this same foreign buyer tax will be introduced, such as exemptions for international citizens who have work permits, and potential rebates to foreign buyers who became citizens in the months following their payment of this 15 per cent tax.
The BC government assures us that these changes are no indication of a lack of success following the introduction of the foreign buyer tax, and that it in fact “…did exactly what we expected it would do.” according to BC Premier Christy Clark.
For the full story from the Financial Post, visit the following article:
B.C. to tweak foreign buyer tax this week, but home affordability remains elusive
Additional Reading
Connecting Our Community
Kelowna’s public spaces are getting some major upgrades lately. As our community continues to grow, so does the need for places that bring people together. From new recreation facilities and activity centres to expanded parks and improved waterfront spaces,...
Reframing the Market Value
For years, the concept of value in the Kelowna housing market has been relatively straightforward. Get in while prices are low, find the biggest listing with the most upside in the best neighbourhood you can afford, then sit back and let the market do the rest. As...
Intentional Moves
Recently we talked about the cost of waiting and, ironically, it looks like buyers are still waiting. While national reports suggest that housing affordability is improving, many Canadians remain hesitant because of the uncertainty we’re so many headlines about. But,...
